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Adam Gault/Getty Images(NEW YORK) Generation Z is racking up more credit card debt than previous generations, while Generation X holds the highest average of credit card debt, according to recent data from Credit Karma. Between April and June 2023, Gen Z, people born between 1997 and 2012, had an average credit card balance of $3,328, a 4.23% increase from January to March 2023, where their average balance was $3,193, according to Credit Karma. "I think that s the effect of COVID. I think Gen Z was able to spend more on things like electronics, computers and streaming services, while older generations spending patterns decreased," Dr. Balbinder Singh Gill, an assistant professor of finance at the School of Business at Stevens Institute of Technology, told ABC News. Credit card balances for Americans hit a record $1 trillion this year, according to a report from the Federal Reserve Bank of New York. Between April and June 2023, credit card balances increased by $45 bill

United statesNew yorkBalbinder singh gillAdam gault gettyJoelle scallyKayla wilsonPublic policy research divisionFederal reserve bankStevens instituteNew york federal reserveNew york federalBaby boomersSilent generationNew york fed04 7West branch