Average American debt by age and generation in 2022

A Credit Karma Study

Updated

Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.

According to data on 77.4 million Credit Karma members, members of Generation X (ages 42-57) carry the highest average total debt — $60,063. In this study, debt can include the following account types: auto leases, auto loans, credit cards, student loans and mortgages. 

Read on for more findings, including a breakdown of debt by age and generation across states and various account types. Click here to learn more about our methodology.

Average total debt by age and generation

Credit Karma members closest to midlife carry the most average total debt. Generation X averages $60,063 in debt, followed by baby boomer members, who have an average total debt of $51,882.

Generation Ages Credit Karma members’ average total debt

Gen Z
(born 1997-2012)

Members 18 to 25

$15,825

Millennial
(born 1981-1996)

26 to 41

$47,349

Gen X
 (born 1965-1980)

42 to 57

$60,063

Baby boomer
(born 1946-1964)

58 to 76

$51,882

Silent
(born 1928-1945)

77 to 94

$40,886

The youngest Credit Karma members, those of Generation Z, carry the least total debt on average — $15,825 — followed by members ages 77 to 94, the Silent Generation. These members carry an average total debt of $40,886.

Average total debt by age and state

Several of the states with the highest levels of average total debt are also states with some of the highest costs of living in the country. According to the Missouri Economic Research and Information Center’s Composite Cost of Living Index, Hawaii, Washington, D.C., and California rank as the No. 1, No. 2 and No. 4 most expensive places, respectively, in terms of overall cost of living. These three places are also the top three areas in which Gen X members carry the highest average total debt.

Here’s a breakdown of the states where each generation has the highest average total debt:

  • Gen Z — Alaska, $22,756
  • Millennial — District of Columbia, $74,684
  • Gen X — District of Columbia, $94,748
  • Baby boomer — Hawaii, $91,649
  • Silent — Hawaii, $84,832

Average of total debt by age and by state

State

Gen Z (Members 18 to 25)

Millennial (ages 26 to 41)

Gen X (ages 42 to 57)

Baby boomer (ages 58 to 76)

Silent (ages 77 to 94)

Alabama

$16,567

$39,260

$46,605

$40,375

$31,624

Alaska

$22,756

$57,319

$73,872

$63,544

$52,044

Arizona

$18,056

$50,824

$67,524

$60,449

$48,454

Arkansas

$16,559

$37,663

$43,781

$36,175

$28,416

California

$15,054

$61,033

$91,603

$87,086

$76,645

Colorado

$18,811

$61,153

$82,696

$72,053

$54,617

Connecticut

$14,561

$44,418

$60,339

$53,675

$39,218

District of Columbia

$14,815

$74,684

$94,748

$79,950

$79,407

Delaware

$16,351

$46,710

$59,344

$54,130

$42,121

Florida

$14,802

$43,018

$55,686

$48,910

$37,613

Georgia

$14,812

$43,002

$55,756

$49,216

$39,193

Hawaii

$17,487

$59,355

$92,412

$91,649

$84,832

Idaho

$18,080

$51,406

$64,962

$56,045

$43,024

Illinois

$14,635

$44,728

$54,356

$46,084

$35,209

Indiana

$16,573

$39,820

$45,822

$38,028

$27,643

Iowa

$17,152

$40,330

$46,264

$36,509

$25,236

Kansas

$15,324

$40,540

$48,275

$39,102

$27,905

Kentucky

$16,520

$38,755

$44,896

$37,777

$29,343

Louisiana

$16,101

$41,809

$48,772

$38,908

$29,186

Maine

$17,193

$41,426

$48,295

$40,900

$31,392

Maryland

$16,694

$55,058

$75,517

$68,680

$54,370

Massachusetts

$16,231

$58,351

$74,905

$61,658

$42,074

Michigan

$14,756

$37,738

$44,428

$37,262

$28,698

Minnesota

$17,780

$49,701

$60,788

$50,320

$35,464

Mississippi

$14,795

$35,755

$41,494

$33,524

$26,078

Missouri

$16,139

$40,816

$48,122

$40,245

$31,389

Montana

$16,279

$46,921

$59,083

$48,681

$38,761

Nebraska

$15,070

$41,400

$48,729

$38,971

$27,894

Nevada

$17,565

$49,712

$66,750

$63,886

$57,042

New Hampshire

$16,543

$47,067

$58,840

$48,525

$32,784

New Jersey

$14,540

$49,383

$67,347

$56,161

$39,821

New Mexico

$17,172

$42,438

$51,750

$47,822

$41,580

New York

$14,236

$47,292

$61,199

$50,181

$37,055

North Carolina

$15,326

$43,554

$52,771

$45,251

$36,778

North Dakota

$18,751

$47,092

$52,243

$39,765

$24,831

Ohio

$14,874

$37,146

$43,340

$36,032

$27,031

Oklahoma

$16,378

$39,549

$45,684

$37,561

$28,108

Oregon

$18,009

$54,967

$73,087

$62,786

$49,478

Pennsylvania

$15,445

$40,739

$47,795

$39,505

$27,673

Rhode Island

$14,685

$46,054

$58,558

$51,470

$36,225

South Carolina

$16,518

$41,979

$50,252

$44,996

$38,995

South Dakota

$18,543

$44,802

$50,747

$40,164

$28,984

Tennessee

$16,714

$44,488

$53,025

$44,936

$34,075

Texas

$15,465

$44,292

$54,470

$44,102

$31,400

Utah

$22,157

$64,362

$81,340

$67,641

$48,199

Vermont

$17,085

$41,672

$49,384

$41,369

$29,315

Virginia

$17,186

$54,781

$72,525

$62,936

$49,351

Washington

$19,608

$69,240

$88,289

$71,963

$50,911

West Virginia

$16,520

$36,318

$40,205

$32,537

$25,119

Wisconsin

$15,204

$41,925

$50,370

$41,136

$27,821

Wyoming

$18,451

$51,603

$62,011

$51,263

$38,553

Average auto loan debt by age and generation

The average auto loan debt carried by each age group ranges from $18,401 to $26,319. Members ages 42 to 57 years-old (Gen X) carry the most auto loan debt, with an average of $26,319. Members age 77 to 94 (Silent Generation) carry the least auto loan debt, with an average of $18,401.

Generation Ages Credit Karma members’ average auto loan debt Average of next auto loan payment Average account age (in months)

Gen Z

Members 18 to 25

$19,471

$442

27.6

Millennial

26 to 41

$23,289

$551

66.6

Gen X

42 to 57

$26,319

$637

92.6

Baby boomer

58 to 76

$22,298

$569

93

Silent

77 to 94

$18,401

$488

78.7

Following closely behind the Silent Generation with the least amount of auto loan debt are members of Gen Z, who carry an average of $19,471 in auto loan debt. Members ages 26 to 41 (millennials) carry the second-highest amount of auto loan debt, followed by members age 58 to 76 (baby boomers).

Average auto lease debt by age and generation

Though you don’t own the car once your auto lease ends, a car lease is still a form of debt obligation. Members age 77 to 94 carry the least amount of auto lease debt — $8,065 on average. On the other end of the spectrum, members who carry the most are those ages 42 to 57, with an average auto lease debt of $11,852.

Generation Ages Credit Karma members’ average auto lease debt Average of auto lease payment Average account age (in months)

Gen Z

Members 18 to 25

$9,444

$411

25.1

Millennial

26 to 41

$10,857

$508

47.4

Gen X

42 to 57

$11,852

$569

59.1

Baby boomer

58 to 76

$9,784

$508

64.1

Silent

77 to 94

$8,065

$444

65.7

Average credit card debt by age and generation

Gen X members carry the most credit card debt, with an average of $7,923. On the flipside, Generation Z an average of only $2,589 in credit card debt, the lowest amount of all generations. For a full breakdown of credit card debt, check out Credit Karma’s report on the average credit card debt in America.

Generation Ages Credit Karma members’ average credit card debt Average of next card payment Average account age (in months)

Gen Z

Members 18 to 25

$2,589

$78

83.6

Millennial

26 to 41

$5,575

$156

301.7

Gen X

42 to 57

$7,923

$222

534

Baby boomer

58 to 76

$7,285

$200

807.8

Silent

77 to 94

$5,602

$146

1,076.70

Both baby boomer members and Silent Generation members carry more credit card debt on average than millennials. The average of next credit card payments largely align with the average levels of debt carried. But members age 26 to 41 make higher average credit card payments than members ages 77 to 94, despite having lower average credit card debt.

Average mortgage debt by age and generation

Mortgage debt tends to be the largest source of debt for Credit Karma members when compared to other forms of debt, such as auto loans or credit cards. Whereas auto loan and credit card debt tend to be in the single-digit or double-digit thousands, mortgage debt tends to range in the hundreds of thousands. Millennial members carry the highest average mortgage debt at $256,583, while members in the Silent Generation carry the lowest mortgage debt, with an average of $162,593.

Generation Ages Credit Karma members’ average mortgage debt Average of next mortgage payment Average account age (in months)

Gen Z

Members 18 to 25

$192,128

$1,213

19.2

Millennial

26 to 41

$256,583

$1,672

61.5

Gen X

42 to 57

$237,392

$1,689

141.5

Baby boomer

58 to 76

$186,192

$1,406

184.2

Silent

77 to 94

$162,593

$1,136

186.2

Gen Z and baby boomer members carry similar average amounts of mortgage debt — $192,128 and $186,192, respectively — even though their average account ages are vastly different. This could suggest that Gen Z members may be choosing homes that are less expensive — or that many baby boomer members have refinanced over the years and extended their mortgage loan terms.

Average student loan debt by age and generation

The average student loan debt carried across generations is $33,658. Baby boomer members carry the most student loan debt, with an average of $43,678. Gen Z members carry the least student loan debt, with an average of $15,574. Four out of the five generations of Americans carry an average student loan debt of more than $30,000.

Generation Ages Credit Karma members’ average student loan debt Average of next student loan payment Average account age (in months)

Gen Z

Members 18 to 25

$15,574

$25

100.6

Millennial

26 to 41

$31,554

$43

345.9

Gen X

42 to 57

$42,129

$54

379.3

Baby boomer

58 to 76

$43,678

$90

324.7

Silent

77 to 94

$35,355

$146

255.8

Though members of the Silent Generation have lower average student loan debt that Gen X and baby boomer members, their average next payments are significantly higher, suggesting they may be trying to pay down their loans more quickly. For more insights into student loan debt, check out our full report on student loan debt in America.

Average monthly debt payments by age and generation

Across all types of debt, Gen X members make the highest average monthly payments: $586. On the other end of the spectrum, Gen Z members make the lowest average monthly debt payments: $190. This makes sense, given that Gen X members have the highest average total debt, while Gen Z members have the lowest.

Generation Ages Average of next payment Average account age (in months)

Gen Z

Members 18 to 25

$190

69.6

Millennial

26 to 41

$429

204.1

Gen X

42 to 57

$586

293.2

Baby boomer

58 to 76

$540

396.7

Silent

77 to 94

$409

533.4

Methodology

To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan and total debt — we analyzed the accounts of more than 77.4 million U.S. Credit Karma members who had been active on the site within the last 36 months. All aggregate data analyzed was pulled on May 30, 2022, and came from members’ TransUnion credit reports. Averages were based on information from the last 90 days. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.