How Much Debt Does Each Generation Have? - GOBankingRates

United States Averages

• Average debt: $92,727                             
• 2019-2020 % change in debt: 0.3%
• Average credit card balance: $5,315 
• Average mortgage balance: $208,185
• Average auto loan balance: $19,703
• Average personal loan balance: $16,458
• Average student loan balance: $38,792 
• Average HELOC balance: $41,954

Taking a look at the entire United States, we can see that total average debt only increased slightly, in line with the change for baby boomers. The total average was $92,727 in 2020 with student loans and auto loans making up the bulk of that number.

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Methodology: GOBankingRates used data from Experian's 2020 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, Millenials 24-39, Gen X 40-55, Baby boomers 56-74, and the Silent generation 75+. For each generation, GOBankingRates found (1) the average total debt balance, (2) the percent change in average total debt balance from 2019-2020, (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. All data was collected on and up to date as of Sept. 7, 2021.

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How Much Debt Does Each Generation Have? - GOBankingRates
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