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How much debt Americans have at each age

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Borrowing increases purchasing power. Without credit and loans, the vast majority of Americans would not be able to afford a house, a car, or even a large appliance like a refrigerator or washing machine. The trade-off for this purchasing power, however, is debt – and debt is a fact of life for most families in the United States.

Read more: 30 Ways to Get Yourself Out of Debt

According to the Federal Reserve Bank of New York, America has a combined personal debt of $ 4.13 trillion, of which more than two-thirds goes to non-housing debt and the remainder to mortgage lenders.

Check Out: 10 Things To Do Now If You Have A 500 Credit Score

Your age, however, often has a lot to do with what and to whom you owe. Using data from Experian’s 2019 Consumer Debt Study, GOBankingRates looked at the amount of debt of average U.S. consumers at each 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 US average in each category for context.

Last updated: June 8, 2021

Sideview, laptop, sitting, young woman, student, campus, outdoors ,.

Sideview, laptop, sitting, young woman, student, campus, outdoors ,.

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 car loan balance: $ 14,272

  • Average personal loan balance: $ 4,526

  • Average student loan balance: $ 12,495

  • Average HELOC balance: $ 32,854

In the News: Gen Z and Millennials are leading the trend in ‘retail investing’ – owning up to 25% of the stock market

Millennial woman working in a coffeeshop.

Millennial woman working in a coffeeshop.

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 car 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 Right Now to a Brighter Financial Future

Middle aged Asian man looking out a window, sipping coffee and using ideas.

Middle aged Asian man looking out a window, sipping coffee and using ideas.

Generation X (40-55)

  • Average debt 2019: $ 135,841

  • 2015-2019% change in debt: ten%

  • Average credit card balance: $ 8,215

  • Average mortgage balance: $ 238,344

  • Average car loan balance: $ 21,570

  • Average personal loan balance: $ 17,175

  • Average student loan balance: $ 39,981

  • Average HELOC balance: $ 49,221

Related: Why Gen X Is Feeling The ‘Financial Squeeze’ – And What To Do About It

Seniors, tax return and home banking.

Seniors, tax return and home banking.

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 car loan balance: $ 18,759

  • Average personal loan balance: $ 19,253

  • Average student loan balance: $ 34,957

  • Average HELOC balance: $ 45,006

Read more: 10 Easy Ways Baby Boomers Can Catch Up With Their Retirement Savings

Happy senior couple sitting in cafe and talking.

Happy senior couple sitting in cafe and talking.

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 car loan balance: $ 14,498

  • Average personal loan balance: $ 17,067

  • Average student loan balance: $ 25,332

  • Average HELOC balance: $ 38,767

Read: 50 Best Cities For Job Seekers Over 50

US 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 car loan balance: $ 19,231

  • Average personal loan balance: $ 16,259

  • Average student loan balance: $ 35,620

  • Average HELOC balance: $ 45,191

More from GOBankingTaux

Methodology: GOBankingRates used data from Experian’s 2019 Consumer Debt Study to determine how much debt Americans have at each age. Experian’s data breaks down debt across generations with the following age groups: Gen Z 18-23, Millennials 24-39, Gen X 40-55, Baby Boomers 56-74, and Silent Generation 75-plus. For each generation, GOBankingRates found (1) the average total debt balance, (2) the percentage change in the average total debt balance between 2015 and 2019, (3) the average credit card balance, (4 ) average mortgage balance, (5) average auto loan balance, (6) average personal loan balance, (7) average student loan balance, and (8) average home equity line of credit balance (HELOC) of Experian.

This article originally appeared on GOBankingRates.com: How Much Debt Americans Have at Each Age


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