How Much Americans Owe at Every Age
Borrowing is an important part of a long-term financial plan, whether it’s for an education or a place to call home. But taking on debt comes at a cost.
According to credit bureau Experian, total consumer debt in the U.S. hit a record $18.33 trillion in 2025, up 3.2% from last year. Incorporating all types of debts, from credit card bills to mortgages, that works out to $104,755 per consumer.
Members of Gen Z saw the largest increase year-over-year, but Millennials had the highest average balance.
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How much Americans owe
The average debt balance hasn’t shifted much. U.S. consumers carried an average balance of $104,755 in June 2025, down by less than 1% from $105,580 in June 2024.
Generationally, it was a different story: Gen X had the highest average debt load, $159,390. But it actually represented a big decline for the group, as more members paid off mortgages and finished funding their children’s college educations.
By age
| Generation | 2025 | 2024 | Change |
|---|---|---|---|
| Generation Z (18-28) | $34,328 | $31,856 | 7.80% |
| Millennials (29-44) | $132,280 | $130,154 | 1.60% |
| Generation X (45-60) | $158,105 | $159,390 | -0.80% |
| Baby boomers (61-79) | $92,619 | $94,561 | -2.10% |
| Silent Generation (80+) | $38,460 | $38,893 | -1.10% |
As more members of Gen Z graduated and entered the “real world,” they saw the largest year-over-year percentage increase. But their average balance still remains the lowest of any generation. (That will likely change as they enter homebuying years.)
By FICO Score
| Score Range | 2025 | 2024 | Change |
|---|---|---|---|
| Exceptional (800 – 850) | $165,472 | $164,270 | 0.70% |
| Very good (740 – 799) | $105,725 | $107,620 | -1.80% |
| Good (670 – 739) | $91,473 | $93,590 | -2.30% |
| Fair (580 – 669) | $69,827 | $68,106 | 2.50% |
| Poor (300 – 579) | $45,627 | $45,185 | 1.00% |
Sorting by FICO® Score, the largest chunk of consumers — those with “good” or “very good” credit (scores between 670 and 799) — saw a decline in their average balance from 2024 to 2025.
Americans with fair/poor credit (FICO Scores below 670), however, experienced a slight increase. As Experian pointed out, not only do these consumers face the highest interest rates, but they also miss out on many opportunities to refinance high-interest loans.
People with excellent credit (FICO 800 or above) also saw an uptick in their debt load, but Experian’s report attributes that to their ability to finance more purchases.
From 2024 to 2025, balances remained fairly static at the state level, although a wide disparity persists from one state to another. Residents of West Virginia carried the least amount of debt, just $63,000, while Colorado residents averaged $155,000, the highest of any state.
Unsurprisingly, West Virginia has the lowest median home prices in the nation, while Colorado has been ranked one of the least affordable states to buy a home.
Looking at individual categories, home loans represent about two-thirds of total consumer debt. Amid an ongoing housing crunch, mortgage balances ticked up $0.29 trillion in 2025 to reach $12.34 trillion.
Other notable sectors included student loans ($1.61 trillion), auto loans ($1.56 trillion), and credit card bills ($1.21 trillion).
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Annual Percentage Rate (APR)
How to get out of debt
Average monthly debt payments rose to $1,224 in 2024, up 5.2%. from the year before. If you find yourself struggling to keep your head above water financially, there are several strategies for getting out of debt.
- Make more than the minimum payment on any credit cards or other interest-bearing accounts. Otherwise, the APR can balloon and overtake your original balance.
- If you’re paying off multiple creditors, try the avalanche method: Put any additional money toward the account with the highest APR and keep making minimum payments on your other balances. It can be a lengthy process, but it will save you the most on interest. Once that account is settled, move on to the bill with the second-highest APR and so on.
- Think you’d do better with some early victories? Use the snowball method and knock off your smallest balance first. For some people, clearing the slate on one account quickly can be just the boost they need to keep at it for the long haul.
- If you don’t have extra money to put toward your bills, a debt consolidation loan can combine multiple bills into a single monthly payment at a lower, fixed interest rate. Including a car loan helps you avoid the risk of repossession.
- Debt relief companies negotiate with your creditors to lower your balances. Your credit score will take a hit and they can charge up to 25% of your total enrolled balance, but for consumers who are severely in the red, it may be worth it.
Carrying debt is normal, but staying on top of it will protect your credit score and ensure you have access to financial products at lower rates for years to come.
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