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.
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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: Sept. 3, 2021
