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What percentage of America is in debt?

Author

Mia Moss

Published Mar 02, 2026

What percentage of America is in debt?

80%

Herein, how much in debt is the average American?

As of September 2021, consumer debt is at $14.96 trillion, with the average American debt among consumers at $92,727. The overall debt figure includes credit card balances, student loans, mortgages and more.

Subsequently, question is, how much debt do most 30 year olds have? Average American debt by age

Age 18-29Age 30-39
Auto loan debt$3,929$6,151
Credit card debt$1,366$3,303
HELOC debt$73$526
Mortgage debt$8,725$40,697

Accordingly, at what age should you be debt free?

Kevin O'Leary, an investor on “Shark Tank†and personal finance author, said in 2018 that the ideal age to be debt-free is 45. It's at this age, said O'Leary, that you enter the last half of your career and should therefore ramp up your retirement savings in order to ensure a comfortable life in your elderly years.

Which generation has the most debt?

Gen X are the most indebted Americans followed by the Baby Boomers.

How much debt is OK?

Most lenders say a DTI of 36% is acceptable, but they want to loan you money so they're willing to cut some slack. Many financial advisors say a DTI higher than 35% means you are carrying too much debt. Others stretch the boundaries to the 36%-49% mark.

Is it better to be debt free?

Increased Savings

That's right, a debt-free lifestyle makes it easier to save! While it can be hard to become debt free immediately, just lowering your interest rates on credit cards, or auto loans can help you start saving. Those savings can go straight into your savings account, or help you pay down debt even faster.

What is the average credit card debt?

On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review. And Alaskans have the highest credit card balance, on average $8,026.

What is the average debt of a 35 year old?

35—49 year olds = $135,841

Primarily because of home mortgages, older millennials in this generation maintain a higher average debt, according to Experian. Credit card debt is the next main source of debt, followed by education and auto loans.

At what age does the average American pay off their mortgage?

While the average age borrowers expect to pay off their mortgage is 59, the number of survey participants who have no idea when they will pay it off at all stood at 16%. In 2019, 9% of those asked didn't know and in 2020, 11% gave this answer.

How much does the average American have in savings by age?

Average Bank Account Balance by Age
Age GroupMedian Bank Account BalanceAverage Bank Account Balance
35-44$4,710$27,910
45-54$6,400$48,200
55-64$5,620$57,670
65-74$8,000$60,410

Does mortgage count debt?

Mortgages come with low interest rates when compared to credit cards, another reason they are an example of good debt. You can write off your property taxes and the amount of interest you pay on your mortgage each year.

How much debt does the average 40 year old have?

Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.

How much debt does a 25 year old have?

2020 State of Credit Findings
2020 findings by generationGen Z (ages 24 and younger)Millennials / Gen Y (ages 25 to 40)
Average retail credit card balance$1124$1871
Average non-mortgage debt$10942$27251
Average mortgage debt$172561$232372
Average 30–59 days past due delinquency rates1.60%2.70%

What is the average credit score by age?

Average Credit Score by Age
x2
Average FICO® Score by Age Group
Age Range2019Change
75 Years Old and Up(Silent Generation)7571
56-74 Years Old (Baby Boomers)7315

How much should the average 25 year old have in savings?

By age 25, you should have saved about $20,000. Looking at data from the Bureau of Labor Statistics (BLS) for the first quarter of 2021, the median salaries for full-time workers were as follows: $628 per week, or $32,656 each year for workers ages 20 to 24.

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