29 American Debt Statistics Everyone Should Know

Having reliable data at your fingertips is essential to being able to do economic analysis as well as getting an idea for financial transactions.

Knowing what the statistics are can really make a difference in your own life. It gives you an inside scoop as it were. 

It is for this reason that you should have a good idea what the American debt statistics are. There is bound to be something that you need to know.

That is why I have found the most crucial debt statistics that you really need to know about. With all of that being said, let me show you twenty-nine American debt statistics that everyone should know!

American Debt Statistics

In this section I am going to tell you about twenty-nine debt statistics in America. The information we have here for you was gathered from the following sources: Fortunly, Debt.org, Shift Processing, My Credit Summit, First Republic, Ramsey Solutions, and Bank Rate.

So, let us dive right in and get started!

1. What Is The Biggest Type Of Debt In America?

By far the biggest debt in America is mortgages, with $189,586 of debt per household. It is easy to see that mortgages cause the highest debt. In second place we see that student loans cause the second-highest debt, with $46,822 per household on average.

Other large debt averages in America are as follows: 

• Auto Loans –  $27,804
• Personal Loans – $10,000
• Credit Cards – $5,135

There have been studies which have shown that housing, and mortgages are the biggest expenses that we encountered. New studies have shown that on average about thirty-three percent of our income is spent on housing or goes toward housing. This money usually goes towards paying off a mortgage, utilities, bills, repairs, and purchasing house furnishings.

2. What Is The Average Debt Per Household Based On Age Group?

Did you know that the size of your debt can vary depending on how old or young you are? It does seem rather obvious, but it is interesting nonetheless. Through my research I have found that on average people ages thirty-five or younger will have $67,400 of debt. 

The majority of these debts are as a result of credit card debt, and student loans. People aged thirty-five to forty-four on average have a debt of $133,100 which makes sense when you consider that people between these ages tend to be at the point where they purchase houses and get into mortgage debt. On top of that it is largely people that are between these ages that have families and so they have the double-whammy of needing to purchase a house at some point and providing for their new families. 

I have listed the the average debt per American household based on age: 

• 35 and Younger –  $76,400
• 35 to 44 –  $133,100
• 45 to 54 –  $134,600
• 55 to 64 –  $108,300
• 65 to 74 –  $66,000
• 75 and Older –  $34,500

Remember that this information was found on a statistical website which you can check out here if you want more information.

3. What Is The Average Total Debt Based On Ethnicity?

From what this statistical website suggests, people that fall under an Asian ethnicity have the most debt. This may or may not change depending on the area you live in. I have listed the the average debt per American household based on ethnicity: 

• White –  $70,000
• Black –  $29,590
• Asian –  $119,000
• Hispanic –  $35,300
• American Indians-  $60,000

Remember that this information was found on a statistical website which you can check out here if you want more information.

4. Which Gender Gets Into More Student Debt In Average?

From what I have seen on several statistical sites is that females tend to have more student debt than males. I have listed the the average student debt by gender: 

• Male –  $26,766
• Female –  $27,000

Remember that this information was found on a statistical website which you can check out here if you want more information.

5. What Is The Average Debt Based On The Level Of Income?

While your income level is important it is just one part of the puzzle. You also have to factor in what part of the country you live in. I have listed the the average debt per based on level of income: 

• – $25,000 –  $3,000
• $25,000 to $44,999 –  $3,900
• $45,000 to $69,999 –  $4,900
• $70,000 to $114,999 –  $5,800
• $115,000 to $159,999 –  $8,300
• + $160,000 –  $11,200

Remember that this information was found on a statistical website which you can check out here if you want more information.

6. What Is The Difference Per Capita For Income And Debt By State?

The average debt per state and which states have the worst debt per person on average is fascinating. I have listed the average debt per American household based in the American state they reside in. Below I have listed ten states with the highest average debt of 2021: 

• Columbia –  $159,957
• Colorado –  $140,327
• Hawaii –  $138,274
• California –  $137,301
• Washington –  $136,170
• Maryland –  $126,687
• Utah –  $122,474
• Virginia –  $122,273
• Massachusetts –  $120,370
• Oregon –  $112,974

I have listed the average debt per American household based in the American state they reside in. Below I have listed ten states with the lowest average debt of 2021: 

• Mississippi –  $60,615
• West Virginia –  $60,907
• Kentucky –  $68,685
• Arkansas –  $69,010
• Ohio –  $70,747
• Alabama –  $72,138
• Michigan –  $72,735
• Indiana –  $73,995
• Louisiana –  $75,373
• Kansas –  $76,090

Remember that this information was found on a statistical website which you can check out here if you want more information.

7. What Is The Percentage Of Families In Debt Based On Region?

The percentage of people in debt based on what region you live in is fascinating and certainly something that I think you need to know. I have listed the the average debt per based on regions in America: 

• Northeast –  75.4%
• South –  77.4%
• Midwest –  77.3%
• West –  77.8%

Remember that this information was found on a statistical website which you can check out here if you want more information.

8. What Is The Total Consumer Debt Over The Years?

In the second quarter of 2021 consumer debt has gone up by about $313 billion. This is essentially an increase of 2.1% in comparison to the first quarter. 

9. What Is The Number Of Accounts By Loan Type?

What kinds of debt are most common? This is absolutely fascinating! I have listed the the average debt per based on the number of accounts by loan type:

• Mortgage –  On average, 80.75 Million Dollars 
• Home Equity Revolving –  On average, 12.81 Million Dollars 
• Auto Loan –  On average, 112.02 Million Dollars 
• Credit Card –  On average, 519.96 Million Dollars 

Remember that this information was found on a statistical website which you can check out here if you want more information.

10. What Is The Emotional Cost Of Being In Debt?

It is very interesting when you consider what the emotional cost of debt is. In the case of this statistical article, I found that having children increases the likelihood of families accumulating debt. About 46% of Americans also say that debt is a constant threat for them. 

11. What Is The Average Consumer Debt In 2021?

In November 2021 it was found that consumer debt has gone up to $15.58 trillion. On average most Americans have about $92,727 of debt. I have listed the the average consumer debt, these statistics are from the year 2021:

• Average Consumer Debt –  On average, 80.75 Million Dollars 
• Average Household Debt –  On average, 12.81 Million Dollars 
• Average Mortgage Debt –  On average, 112.02 Million Dollars 
• Average Auto Loan Debt –  On average, 519.96 Million Dollars 

Remember that this information was found on a statistical website which you can check out here if you want more information.

12. What Is The Consumer Debt Based On Generations?

You have to consider the generations and who on average has the most debt. I have listed the the average depth based on which generation has the most debt:

• Gen Z –  On average, 80.75 Million Dollars 
• Millennials –  On average, 12.81 Million Dollars 
• Gen X –  On average, 112.02 Million Dollars 
• Baby Boomers –  On average, 519.96 Million Dollars 
• Silent Generation – 0000

Remember that this information was found on a statistical website which you can check out here if you want more information.

13. Covid-19 And Debt

When COVID-19 hit, consumer debt was only great. It increased to about 6%. This is because many types of debt like student loans, credit card debt and medical bill debt went up significantly during this time. 

14. Changes In The Economy And Debt 2021

I found a survey by Consumer Finances who did a study that said that the amount of debt by net worth percentile gets bigger as a household income grows larger. 

15. Credit Card Debt By Age

Your age plays a role in what your debt looks like. That is why I have listed the the average credit card debt based on your age below: 

• 18-29 –  $48 Billion
• 30-39 –  $134 Billion
• 40-49 –  $170 Billion
• 50-59 –  $185 Billion
• 60-69 – $142 Billion
• 70+ – $107 Billion

Remember that this information was found on a statistical website which you can check out here if you want more information.

16. Average Americans Live Above Their Means

When you look at the average American debt income, you find that a large number of households actually live above their means. 

17. Two Out Of Ten Americans Give Half Their Income Toward Debt

Out of ten Americans two of them put fifty percent of their monthly wage toward paying for their debt. 

18. The Average American Owe $1.27 Trillion To The Government

The population of America owes a total of $1.27 trillion to the government. This debt includes student loans as well as the Perkins Loans Program. 

19. Baby Boomers Non-Mortgage Debt Is $25,187

Baby boomers are the generation that were born between 1946 and 1964. The median amount that this generation owes one debt other than mortgage is about $25,187. 

20. 29% of Millennials Think that Financial Planning is Inspiring

Millennials have grown up through several economic crises. It is because of the environment they have grown up in that Millennials in particular think that it is exciting or inspiring to plan their finances.

21. Student Loans Have the Most Delinquent Debtors at 11.5%

When I use the word delinquent here I am referring to a person that does not meet their payment on time. There are about 42 million student loans debtors and about 4.8 million of them have not paid their debts on time. 

22. The Majority Of Personal Loans Are Taken For Debt Management

On average each US citizen has a debt of $26,621. About 61% of personal loans are taken to help people manage their debt.  

23. 15% Of Americans Believe They Will Be In Debt For Their Lifetime

There are a significant number of people that do not think that they will be able to get out of debt in their lifetime. 

24. Generation X And Baby Boomers Have The Most Debt

These two generations have an average debt of about $7,500. This is not a surprising statistic, baby boomers and gen x have a higher debt than other generations because they have more dependents and tend to have a higher income. 

25. Personal Loans In The US Trebled Since 2011

Obviously the great recession has negatively impacted personal loan balances. In 2007 this number peaked at about $72 billions and later on dropped down to $46.4 billion in ten year 2011.

26. 87% Of Americans Think That Financial Security Affects The Positivity Of Your Outlook On Life

Money might not be the root of happiness but it sure does help. Most Americans think that by being financially stable you are on your way to having a positive outlook on life.

If you have ever been a low income family you are going to understand just how true this statistic is. 

27. Up To 37% Of Americans Spend Their Income On Recreation

Most Americans tend to spend their incomes on themselves when they have a bit of spare cash. In general, it has been found that most Americans will spend about 37% of their income on thing like leisure, travel, dining, nightlife, hobbies and other recreational things. 

28. Non-Revolving Consumer Debt In The Us Is Currently At $31.12 Trillion

In general, non-revolving debts are paid off through fixed monthly installments. Most consumers will have the option to choose between a fixed or a variable interest rate. The average non-revolving debt in America has gone up by over 20% since the year 2015. 

29. 43% of Credit Users are Revolvers

The more revolvers there are in our society the less healthy the economy is. On top of that the number of revolvers has not changed a lot over the years. 

Frequently Asked Questions

In this section we are going to answer some of your most frequently asked questions about American debt statistics. So, without further ado, let us dive right in and get started!

Are 80% Of Americans In Debt?

Most financial experts at the moment have speculated that there are about 80% or 8 in 10 Americans in that have some sort of debt. The average amount of debt that Americans have is about $38,000. This number includes mortgage debt.

At What Age Are Most People Debt Free?

On average, people that are aged 58 should be debt free. That is unless you have chosen to extend the payments. If this is not the case you may find that your payments will be extended for at least one or two decades. 

What Is A Good Age To Have Your House Paid Off?

Most of the research suggests that people should aim to be debt free by the age of forty-five. At this point it is recommended that you have your mortgage paid off as well. 

Final Thoughts

I hope that you have enjoyed reading this article and learning about these fascinating American debt statistics. These statistics should be helpful to those of you that are teetering on the edge of debt.

Hopefully these statistics have helped you to better understand American debt. 

With all of that being said, I hope that you have a great day. Goodbye for now!