woman tracking her debt

Average Debt In America & How You Compare By Age

The average person in America is, unfortunately, in debt. And the debt in America is growing fast. You may be wondering if the amount of debt varies based on how old a person is. We have broken it down in this article. But for an overview; this is the average personal debt that each generation has:

  • Generation Z - $9,000
  • Millennials - $78,000
  • Generation X - $136,000
  • Baby Boomers - $97,000
  • Silent Generation - $41,000

There are a lot of different types of debt that contribute to these averages, and different generations have different amounts of each kind of debt.

Average American Debt By Generation

Generation Z

Because Generation Z is still so young, they have relatively little debt compared to other generations, particularly the Millennials who came before them. The average member of Generation Z has roughly $9,000 in debt.

This average includes everything from student loans, credit card debt, mortgages, auto loans, personal loans, and more.

While Generation Z currently has the smallest average debt in America of any generation, this is mostly because the majority of the members of this generation are still children. As more of them enter the real world and join the workforce, their average personal debt will likely skyrocket.


Millennials generally have significantly more debt than their slightly younger counterparts do. The average millennial has roughly $78,000 in debt. Some of this comes from credit card debt, but a significantly larger portion of it comes from mortgages and student loans.

Millennials have the largest mortgage balance out of any generation in America, on average. The average millennial mortgage debt is just under a quarter of a million dollars.

Student loans are the next highest percentage of millennial debt, with an average balance of $35,000.

Generation X

If there is one generation that is drowning in debt, it is Generation X. The average personal debt for a member of Generation X is roughly $136,000. As with other generations, mortgage balances make up the vast majority of this debt.

Even aside from mortgage payments though, Generation X generally has more of every type of debt than the generations that came before or after them. They usually have more credit card debt, personal loans, and even student loans than any other generation, including even millennials.

Baby Boomers

The Baby Boomers have a relatively small amount of debt, especially compared to Generation X. The average personal debt for Baby Boomers is around $97,000. While most of this comes from mortgage balances, a significant portion of it still involves credit cards, auto loans, and student loans.

Baby Boomers and the Silent Generation are also the only generations in America whose debt is decreasing. While every other generation’s debt significantly grew over the last decade, the Baby Boomers and Silent Generation both saw their average debt reduced by 7%.

Silent Generation

The Silent Generation is still saddled with quite a bit of debt. The average personal debt for members of the Silent Generation is $41,000. This debt has grown steadily over several decades and it will likely be passed down to later generations when more members of the Silent Generation pass away.

National Average

The average debt in America has been increasing over the years. The average American owes roughly $90,000 in debt. Mortgage balances account for the vast majority of this debt, with the average mortgage balance being roughly $200,000.

The next largest portion of debt that Americans have is student loan debt. The average student loan balance in America is roughly $35,000 and this number keeps rising every year. Auto loans account for the next highest amount of debt that Americans hold, with the average being just under $20,000.

Getting Help With New Mexico Title Loans, Inc.

Climbing out of debt is hard. It is a struggle that takes lots of patience and discipline. Debt can also hurt your credit score, which makes it difficult to borrow money when you need it.

older couple looking at finances

This can be frustrating and stressful, especially if you need to borrow money to cover some sort of emergency expense. When this happens, one option that you can consider is getting help from New Mexico Title Loans, Inc. by applying for a title loan online.

There are several advantages that come with applying for a title loan online. You get to keep your car while you are paying off your loan, and you do not even have to visit a physical store location. You can arrange to meet your loan specialist agent at your home or another location that is convenient for you.

You can also have your same-day cash deposited directly into your bank account, and you do not have to worry about your credit score. New Mexico Title Loans, Inc. is happy to accept good, bad, and nonexistent credit.

Final Thoughts

The average debt in America is growing every year. Millions of Americans are struggling with mortgages, credit cards, student loans, and more. Getting out of debt is a battle, but you might just find that you are doing better than other people your age.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.

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