American households carry a total of $18.203 trillion of debt and average $105,056 per household. Total debt is at an all-time high as of the fourth quarter of 2024, according to the Federal Reserve. Mortgage debt makes up 70% of total household debt in the United States.
Drawing on data from Experian, the Federal Reserve, TransUnion, and the U.S. Census Bureau, Motley Fool Money breaks down the most common types of debt including mortgages, auto loans, credit cards, and personal loans.
Consumer debt levels continue reaching new heights in the United States. With rising costs of living, more Americans are relying on loans and credit to make ends meet. But just how much debt does the average household carry? Here’s an overview of the latest data on average consumer debt balances across mortgages, credit cards, auto loans and more.
Key Statistics on Household Debt
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Total consumer debt hit $18.2 trillion at the end of 2024 up from $16.15 trillion pre-pandemic.
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The average household debt balance is $105,056.
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Mortgages make up the largest share at 70% of total debt. The average mortgage debt balance is $263,923
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The average credit card debt per household stands at $6,580.
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Auto loans average $24,373 per borrower.
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Student loans average $37,113 per borrower with outstanding balances.
Breaking Down the Major Debt Categories
Mortgages
Mortgage debt is the largest component of household debt, accounting for 70% of the total.
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Total mortgage debt topped $12.8 trillion in early 2025.
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The typical mortgage payment is around $2,205 per month.
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Average mortgage interest rates stand at 6.83% for a 30-year fixed loan as of early 2025.
Surging home prices have pushed mortgage balances to record levels. The average mortgage debt per borrower reached $263,923 in late 2024.
Credit Cards
Credit card debt totals over $1.18 trillion nationwide. The average credit card balance is $6,580 per cardholder. This average varies by age:
- Gen Z (18-25): $3,266
- Millennials (26-41): $6,642
- Gen X (42-57): $9,255
- Baby Boomers (58-76): $6,648
- Silent Generation (77+): $3,375
Credit card delinquency rates have climbed since 2022, indicating growing struggles with repayment.
Auto Loans
Auto debt stands at $1.64 trillion in early 2025 after declining slightly from 2024’s record high. The average auto loan debt is $24,373.
Monthly payments average $742 for new cars and $525 for used vehicles. Auto loan delinquencies are also rising, now at 1.67% over 60 days past due.
Student Loans
Over 43 million Americans carry student loan debt totalling $1.63 trillion.
The average student loan balance is $37,113 among those with outstanding loans. This average balance has fallen slightly with pandemic relief programs.
Federal student loan payments are paused with zero interest until August 2025. After payments resume, undergraduate borrowing rates will be set at 6.54%.
Personal Loans
Personal loans are a smaller but growing category, often used for debt consolidation.
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Total personal loan balances were $148 billion in late 2024.
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The average personal loan debt per borrower is $11,607.
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Unsecured personal loan rates average around 12% APR currently.
Debt Burdens Vary by Location and Demographics
Debt balances can vary significantly based on location, age, race and other factors. Here are a few key trends:
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By state: Hawaii and Idaho residents have the highest debt-to-income ratios, while New York and Washington D.C. have the lowest.
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By age: Middle-aged adults tend to carry the most debt. Average balances peak between ages 40-49.
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By race: White households have higher median debt balances but lower debt-to-asset ratios than Black and Hispanic households.
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By income: Lower earners pay a much higher share of income toward debts compared to high earners.
Tips for Paying Down Debt
For households struggling with high debt, here are some strategies to pay it down:
- Set a budget to devote extra funds toward debt repayment
- Pay off high-interest debts first like credit cards
- Consider balance transfer offers or consolidation loans at lower rates
- Look into nonprofit credit counseling services for customized advice
- Build extra income with a side gig to accelerate repayment
While debt levels hit new records, many households are still managing payments. The key is developing a plan to pay off balances steadily over time before interest costs grow overwhelming. Monitoring your progress and sticking to a realistic budget makes chipping away at debt achievable.
Average used car payment: $525
The average monthly payment on a loan for a used car was $525 in the fourth quarter of 2024, according to Experian. Monthly payments on loans for used cars, by credit score, are as follows:
- Deep subprime (300-500): $538
- Subprime (501-600): $539
- Nonprime (601-660): $530
- Prime (661-780): $515
- Super prime (781-850): $527
- All: $525
Personal loans in delinquency in 2024: 57%
In the fourth quarter of 2024, 3.57% of unsecured personal loans were delinquent and in hardship, 60 days or more past due. Thats down from the same quarter in 2023, when 3.9% of unsecured personal loans were in hardship.
Medical debt can be difficult to track. However, its clear that its a growing problem.
According to The Urban Institute, 13% of Americans — over 43 million people — had medical debt in collections in 2022. That number is higher in communities of color, at 15%.
Some states have significantly higher numbers, too. For example, 24% of West Virginians have medical debt in collections.
The median debt also varies quite a bit. In the United States overall, the median medical debt in collections is $703. In Wyoming, Utah, Wisconsin, and Florida, that number is over $900.
While statistics are scarce, it seems likely that rising healthcare costs — especially during a global pandemic — have pushed these numbers higher in recent years.
Do You Have More Debt Than the Average American?
FAQ
How much debt is the average household in?
According to Experian, average total consumer household debt in 2024 is $105,056. That’s up 13% from 2020, when average total consumer debt was $92,727.
What is the average credit card debt in the US?
The average credit card debt in America varies depending on how it’s calculated, but recent estimates place it between $6,194 and $8,940 per household. This includes households with no credit card debt, meaning the average debt per borrower with credit card balances is higher.
What is the average mortgage balance in the US?
How much debt is considered a lot?