Average American Debt Surpasses $105,000 in 2024

The average American carried just over $105,056 in total debt as of the third quarter of 2024, marking a continued rise in household financial obligations and potentially impacting consumer spending.

Data released today by Experian shows a 0.8% increase in average total debt compared to the same period last year, with the nation’s outstanding debt reaching $17.57 trillion – a 2.4% year-over-year jump. Average monthly loan payments rose to approximately $1,237 in the first quarter of 2025, up from $1,199 a year earlier. Revolving debt, including credit cards and home equity lines of credit, experienced the most significant growth, increasing by 3.5% and 7.2% respectively.

Mortgages remain the largest component of American debt, averaging $252,505, followed by home equity lines of credit at $45,157. Student loan debt saw a decrease of 9.2% due to federal debt cancellation programs implemented in 2024, bringing the average balance to $35,208. Auto loan balances rose to $24,297, while credit card debt averaged $6,730. For those looking to better understand their financial situation, resources like the NerdWallet credit card debt guide can be helpful. Generational differences were also noted, with Millennials holding the largest average mortgage debt at $312,014 and Generation X carrying the highest balances in credit cards and auto loans.

Financial experts often recommend adhering to guidelines like the 28/36 rule – spending no more than 28% of gross income on housing and 36% on total debt – to maintain financial stability. Understanding your debt profile is the first step toward managing it effectively; you can find more information on Experian’s website. Officials stated they will continue to monitor debt levels and assess the impact on the broader economy.