Our researchers found the median debt per American family to be $2,700, while the average debt stands at $6,270. The average balance for consumers is $5,315, although some of that debt may be held on joint cards and thus double-counted. Overall, Americans owe $807 billion across almost 506 million card accounts.
While the average American has $90,460 in debt, this includes all types of consumer debt products, from credit cards to personal loans, mortgages and student debt.
That includes a wide range of debt, from mortgages to personal loans, credit cards, and more. Total debt has increased since 2019 -- we estimate the average (mean) household debt in 2020 to be around $145,000 and the median to be approximately $67,000 in 2020.
50 years or older = $96,984
Baby boomers have an average debt of $96,984, according to Experian. Mortgages, credit card bills, and auto loans are the three main debt sources for those in this age group.
Kevin O'Leary, an investor on "Shark Tank" and personal finance author, said in 2018 that the ideal age to be debt-free is 45. It's at this age, said O'Leary, that you enter the last half of your career and should therefore ramp up your retirement savings in order to ensure a comfortable life in your elderly years.
A good rule-of-thumb to calculate a reasonable debt load is the 28/36 rule. According to this rule, households should spend no more than 28% of their gross income on home-related expenses. This includes mortgage payments, homeowners insurance, property taxes, and condo/POA fees.
2020 State of Credit Findings
| 2020 findings by generation | Gen Z (ages 24 and younger) | Boomers (ages 57 to 74) |
|---|---|---|
| Average non-mortgage debt | $10942 | $25812 |
| Average mortgage debt | $172561 | $191650 |
| Average 30–59 days past due delinquency rates | 1.60% | 2.20% |
| Average 60–89 days past due delinquency rates | 1.00% | 1.20% |
When you have no debt, your credit score and other indicators of financial health, such as debt-to-income ratio (DTI), tend to be very good. This can lead to a higher credit score and be useful in other ways.
Debts typically become the responsibility of your estate after you die. Your estate is everything you own at the time of your death. The process of paying your bills and distributing what's left is called probate.
A recent study showed that 80% of Americans are caught up in the chains of debt. That's a huge number! To get a better idea of just how huge, try this little activity: Next time you walk down the street, count the first 10 people you see. According to statistics, 8 of those 10 are strapped with debt.
But ideally you should never spend more than 10% of your take-home pay towards credit card debt. So, for example, if you take home $2,500 a month, you should never pay more than $250 a month towards your credit card bills.
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