Debt. It’s about as American as an apple pie you paid for with a credit card. Whether it’s for education, transportation, or supporting an Amazon habit, we’ve all got some sort of debt, but the question is: how much is normal?
To give you a better idea of where you should be and where you’re going, a new survey has found the average amount of debt that people are carrying by age group:
- Gen Z (ages 18 to 23): $9,593
- Millennials (ages 24 to 39): $78,396
- Gen X (ages 40 to 55): $135,841
- Baby boomers (ages 56 to 74): $96,984
- Silent generation (ages 75 and above): $40,925
Altogether, the average American has $90,460 in debt which includes all types of consumer debt products like credit cards, personal loans, mortgages, and student debt. Interestingly, while millennials are known for their struggles with paying off college, it was actually Gen X who was found to have the highest amount of student loan debt coming in at an average of $39,981. Gen X was also found to have the highest amount of credit card, auto loan, and mortgage debt as well. Something for our generation to look forward to I guess.
Source:CNBC