How Much Debt Does The Average American Have?
October 21, 2020
Whether it’s big purchases like cars and homes, or just everyday purchases the paycheck can’t cover, debt has become a central part of American consumerism. So much so that the average American has $90,460 in debt, according to a CNBC analysis of data from the credit bureau Experian. That includes all forms of debt, such as mortgages, student loans, and credit cards.
The analysis also broke down the average debt by age. Generation X had the most debt, with an average of $135,841, followed by the Baby Boomers, with $96,984. Some financial experts have worried that these cohorts may be approaching retirement with such high debt levels, but CNBC also compared today’s debt to figures from 2015, and found that both the Boomers and the Silent Generation saw a debt reduction of 7.5% and 7.7% respectively.
The same cannot be said for the Millennials. Though they hold less debt than Gen X or the Boomers, that debt has exploded in recent years. In 2015, the average millennial had $49,722 in debt. Today, that number has jumped to $78,396, a 58% increase.