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How Much Debt Americans Have at Every Age

·3 min read
Rawpixel / Getty Images/iStockphoto
Rawpixel / Getty Images/iStockphoto

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.

Last updated: March 17, 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 auto 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 Lead ‘Retail Investing’ Trend – Owning Up To 25% of the Stock Market

Millennials woman working in coffeeshop.
Millennials woman working in 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 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

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

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

Old people, tax return and home banking.
Old people, 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 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

Happy senior couple sitting at coffee shop and talking.
Happy senior couple sitting at coffee shop 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 auto 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

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

More From GOBankingRates

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.

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