American Debt

Americans over the age of 18 report that they average $29,800 in personal debt. This does not include mortgages. The financial cultures debt has approximately 15% of Americans believing that they will be in debt for the rest of their lives, according to Northwestern Mutual’s 2019 Planning and Progress Study.

The numbers reported in 2019 show a significant improvement over 2018’s average of $38,000 in personal debt.

According to the report, 34% of people’s monthly income goes towards paying off debt.

Personal Debt by Generation
Gen X debt of $36,000
Baby Boomers debt of $28,600
Millennials debt of $27,900
Gen Z debt of $14,700

Sources of Debt
Mortgage – 22%
Credit cards – 22%
Car loans – 9%
Education – 8%

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