Education

US Debt Statistics

The consumer debt in the US has hit $13.67 trillion in the first quarter of 2019. It was a $120 billion increase from the previous quarter, marking a trend of 22 consecutive quarterly increases. While consumer debt continues to rise, most analysts aren’t worried about it, since rising debt doesn’t necessarily have to be a bad thing.

By CreditNinja · Modified on March 4, 2024
Person reviewing household debt and bills at a kitchen table
Financial Knowledge
Financial Knowledge
Financial Knowledge

Types of Debt in the US

There has been an increase in four main areas of debt. Understanding these categories helps in navigating personal finance.

Home Debt (Mortgages)

The mortgage debt increased to $9.14 trillion, $397 billion more than in 2017. Mortgage debt has been increasing since 2013, but at a slightly slower pace than the overall consumer debt.

Auto Loan Debt

Auto loan debt increased to $1.65 trillion, $52 billion more than in 2017. Experts suggest that this is a positive thing since auto loans have one of the lowest interest rates.

Student Loan Debt

Student loan debt continues to rise after hitting a record $1.44 trillion in 2018, $64 billion more than in 2017. Student loans are guaranteed to almost anyone, and low interest rates should encourage people to pursue higher education.

Credit Card Debt

Credit card debt has reached $829 billion in 2018, which is a $45 billion increase from 2017. Almost two-thirds of all Americans use credit cards, an average user holds three cards, and carries $8,284 in credit card debt.

Average Debt by Age in the US

Debt types and amounts vary significantly across different life stages.
Average total debt by age bracket — 2018–19 consumer debt data.
Under 35

Under 35 Years Old

Average debt: $67,400. Student loans make up the most significant portion. Experts classify this as “good debt” due to low interest rates and career investment potential.
36–44

Ages 36 to 44

Average debt: $133,100. This is when most people start families and move into permanent homes, so mortgages take up the biggest portion.
45–54

Ages 45 to 54

Average debt: $134,600. Portions of this amount are divided like in the previous age group, where mortgages take up the biggest part, but there are fewer student loans.
55–64

Ages 55 to 64

This group has an average debt of $108,300. Most student loans are paid off, and this is when most Americans start saving for retirement.
65–74

Ages 65 to 74

Moving into the retirement age, this group owes $66,000 on average. Most loans are paid off, and when retirement arrives, people are usually spending and borrowing less. Mortgages, credit cards, and auto loans still make up the biggest portion of the owed amount.
75+

Over 75 Years Old

Last but not least, people over 75 owe the least, $34,500 on average. The majority of the group are enjoying retirement, and live on a fixed income. However, some are forced to work due to high medical costs and lack of savings.
Man presenting to adults about demographic factors
Financial Education

Debt and Other Demographic Factors

Education, location, and income significantly influence debt levels. People with a bachelor degree hold an average $8,200 in credit card debt, while that number is $4,600 for high school graduates and $3,800 for people with no high school diploma.
Income changes how heavy that debt feels. The lowest 20% of earners carry debt equal to about 15% of their annual salary, while for the top 20% of earners that figure is just 2.4%.
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