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Americans Carry Median Non-Mortgage Debt of Nearly $19,000: Report
Published Sun, Jun 29 20257:00 AM EDT
Debt varied between generations, with baby boomers having the most credit card debt.
Non-mortgage debt includes personal loans, auto loans, credit card debt, student loans, and other debt.
Gen Xers, aged 45 to 60 years, have the highest median debt, at $26,207.
This was followed by millennials (aged 29 to 44 years), with a debt of $24,810; Gen Zers (aged 18 to 28), with $12,715; and finally baby boomers (aged 61 to 79), with $10,272.
The median debt fell in all four generations, with baby boomers seeing the largest decline at 45.3 percent. For the remaining three generations, debt fell by about 18 percent to 23 percent.
Matt Schulz, chief consumer finance analyst at LendingTree, called the decline in debt across generations a significant decrease.
“I think it’s a further sign that people are being cautious and looking to firm up their financial foundation amid all the economic uncertainty we’re facing today,” he said.
“They’re trying to focus on paying down high-interest debt and building their emergency fund. With that in mind, they may choose to put off bigger-ticket purchases such as cars and kitchen appliances.”
In terms of specific types of debt, there are differences across generations.
For instance, 92.6 percent of baby boomers have credit card debt, compared with 70.2 percent of Gen Zers.
When it comes to auto loans, 51.5 percent of Gen X individuals have this debt, compared with 35.8 percent of baby boomers.
“Gen Zers are the most likely to have student loan debt, but Gen Xers carry the biggest burden,” the report states.
It says 38.1 percent of Gen Zers have student loans, but their median balance is the lowest, at just $13,391.
“Only 22.5 percent of Gen Xers hold student debt, but they owe the most, with a median balance of $33,988,” the report reads.
The analysis is based on 500,000 anonymized credit reports between Oct. 1 and March 31.
Out of the $18.2 trillion, about $13.2 trillion was accounted for by mortgage and home equity line of credit debt.
Paying Off ‘Unmanageable Debt’
An April 2 survey by consumer credit reporting company Experian revealed the various ways Americans are dealing with their debt.
In the survey, 45 percent of adults reported that they had paid off “unmanageable debt” by resorting to tactics such as using budgeting apps and taking an additional job or side hustle.
Half of the respondents said paying off debt had improved their lives, as they have fewer worries and lead a more peaceful life.
“Unmanageable debt can negatively impact many facets of a consumer’s life,“ Rod Griffin, senior director of Consumer Education and Advocacy at Experian, said. ”While credit is a useful tool for achieving certain financial goals, it must be used wisely.
“It’s encouraging to see that people are showing determination in their efforts to pay off debt, which will help them potentially improve their credit score, build up savings, and reduce stress, paving the way for a more prosperous and happier future.”
While successfully managing debt is one part of having a financially stable life, another equally important factor is building savings.
On the plus side, according to the poll, “seven in 10 Americans are optimistic they will save more in 2025, with younger generations being the most confident.”