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.

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.

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

Related: Why Gen Xers Are Feeling the ‘Financial Squeeze’ — and What To Do About It

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

Read More: 10 Simple Ways Baby Boomers Can Catch Up on Retirement Savings

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.

About the Author

Andrew Lisa

Andrew Lisa has been writing professionally since 2001. An award-winning writer, Andrew was formerly one of the youngest nationally distributed columnists for the largest newspaper syndicate in the country, the Gannett News Service. He worked as the business section editor for amNewYork, the most widely distributed newspaper in Manhattan, and worked as a copy editor for TheStreet.com, a financial publication in the heart of Wall Street’s investment community in New York City.

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