Debt in America

September 4, 2023

As of the close of 2022, American household debt reached an unprecedented $16.9 trillion, marking a substantial increase of $2.75 trillion since 2019, as reported by the Federal Reserve.

Credit card debt stands at $986 billion, surging past its pre-pandemic peak of $927 billion. Mortgages contribute significantly to this financial landscape, with an outstanding balance of $11.92 trillion, followed by vehicle loans at $1.55 trillion and student loans at $1.60 trillion.

The latest statistics on American debt paint a concerning picture, particularly regarding younger generations who are facing an accelerated slide into delinquency, notably concerning credit cards and auto loans. Delinquency rates among younger borrowers have now surpassed pre-pandemic levels, signifying a growing issue. While delinquency rates for older borrowers are also on the rise, they have yet to reach the levels observed before the pandemic.

  • 18-29-year-olds: Total debt of $69 billion, with an average of $12,871 per individual. 
  • 30-39-year-olds: Total debt of $1.17 trillion, averaging $26,532 per person. 
  • 40-49-year-olds: Total debt of $1.13 trillion, translating to an average of $27,838 per individual. 
  • 50-59-year-olds: Total debt of $98 billion, with an average per capita debt of $23,719. 
  • 60-69-year-olds: Total debt of $64 billion, leading to an average non-mortgage debt of $16,661 per person. 
  • 70 and older: Total debt of $36 billion, with an average per capita debt of $9,827. 

These figures underscore the significant financial challenges faced by Americans across different age groups, with a particular spotlight on the rising burden of debt among younger individuals.

Reference (2023). Americans in Debt by Age, Demographics, and Other Factors.



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