How Much Debt Americans Have at Every Age
Borrowing increases buying power. Without credit and loans, the vast majority of Americans would not be able to buy a home, a car or even a major appliance like a refrigerator or washing machine. The tradeoff for that purchasing power, however, is debt—and debt is a fact of life for most families in the United States.
Read More: 30 Ways To Dig Yourself Out of Debt
According to the Federal Reserve Bank of New York, America holds a combined $4.13 trillion in personal debt, with more than two-thirds of that going to non-housing debt and the rest being owed to mortgage lenders.
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Your age, however, often has a lot to do with what you owe and to whom. Using data from Experian's 2019 Consumer Debt Study, GOBankingRates examined how much debt average American consumers have at every age. The results are ranked from youngest to oldest and include data on credit card debt, mortgage debt, auto loans, student loans, personal loans and HELOCs. It also lists the U.S. average in each category for context.
Last updated: June 8, 2021
Generation Z (18-23)
Average debt 2019: $9,593
2015-2019 % change in debt: 22%
Average credit card balance: $2,230
Average mortgage balance: $142,600
Average auto loan balance: $14,272
Average personal loan balance: $4,526
Average student loan balance: $12,495
Average HELOC balance: $32,854
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Millennials (24-39)
Average debt 2019: $78,396
2015-2019 % change in debt: 58%
Average credit card balance: $4,889
Average mortgage balance: $224,500
Average auto loan balance: $18,201
Average personal loan balance: $11,819
Average student loan balance: $34,795
Average HELOC balance: $41,239
Read More: 17 Steps Millennials Can Take Now for a Brighter Financial Future
Generation X (40-55)
Average debt 2019: $135,841
2015-2019 % change in debt: 10%
Average credit card balance: $8,215
Average mortgage balance: $238,344
Average auto loan balance: $21,570
Average personal loan balance: $17,175
Average student loan balance: $39,981
Average HELOC balance: $49,221
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Baby Boomers (56-74)
Average debt 2019: $96,984
2015-2019 % change in debt: -7.5%
Average credit card balance: $6,949
Average mortgage balance: $175,865
Average auto loan balance: $18,759
Average personal loan balance: $19,253
Average student loan balance: $34,957
Average HELOC balance: $45,006
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Silent Generation (75+)
Average debt 2019: $40,925
2015-2019 % change in debt: -7.7%
Average credit card balance: $3,715
Average mortgage balance: $132,025
Average auto loan balance: $14,498
Average personal loan balance: $17,067
Average student loan balance: $25,332
Average HELOC balance: $38,767
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United States Averages
Average debt 2019: $90,460
2015-2019 % change in debt: N/A
Average credit card balance: $6,194
Average mortgage balance: $203,296
Average auto loan balance: $19,231
Average personal loan balance: $16,259
Average student loan balance: $35,620
Average HELOC balance: $45,191
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Methodology: GOBankingRates used data from Experian's 2019 Consumer Debt Study to find how much debt Americans have at every age. Experian's data breaks down debt along generational lines with age ranges as follows: Gen Z 18-23, millennials 24-39, Gen X 40-55, baby boomers 56-74, and the silent generation 75-plus. For each generation, GOBankingRates found (1) the average total debt balance, (2) the percent change in average total debt balance from 2015-2019, (3) the average credit card balance, (4) the average mortgage balance, (5) the average auto loan balance, (6) the average personal loan balance, (7) the average student loan balance and (8) the average home equity line of credit (HELOC) balance from Experian.
This article originally appeared on GOBankingRates.com: How Much Debt Americans Have at Every Age