Credit Karma’s State of Debt and Credit Report

January-March 2024

Updated

A picture of average American debt through Credit Karma’s members
Editorial Note: Intuit 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. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Average overall debt


This report provides a picture of average American debt through 88.5 million Credit Karma members with a combined overall debt of more than $8.5 trillion. Overall debt is defined as any type of debt noted on a Credit Karma member’s credit report. This includes credit card, mortgage, student loan, medical loan, auto lease and auto loan debt.

Average total debt increased slightly quarter over quarter, but generally flattened out across generations and credit bands

Between January and March 2024, average total overall debt among Credit Karma members was $54,748, a 2.79% quarter-over-quarter increase compared to an average of $53,260 from October to December 2023.

All generations saw nominal increases in debt, ranging from 1.43% for the Silent generation to 4.17% for Millennials. Similarly, all credit score bands saw small increases in total average debt, from 0.19% for members with VantageScore 3.0 scores ranging from 601-660 to 4.4% for members with scores ranging from 781 to 850.

Driving the small increase in total average debt were student loans (1.83% QoQ increase) and mortgage debt (1.76% QoQ increase). Average credit card and auto loan debt were flat quarter over quarter.

Average debt among Credit Karma members broken out by generation

GenerationAverage total debt Oct.-Dec. 2023Average of total debt Jan.-Mar. 2024Percent change in debt
Generation Z$19,441$20,1653.72%
Millennial$55,124$57,4244.17%
Generation X$65,364$67,2052.82%
Baby boomers$54,485$55,2740.27%
Silent$42,448$43,0531.43%

While over the last year, Gen Z has typically seen the highest increases in total average debt, Millennials saw the highest growth in Q1 compared to Q4. Gen X, however, continues to have the highest overall average debt.

Average debt among Credit Karma members by credit score band

Credit score bandAverage total debt Oct.-Dec. 2023Average of total debt Jan.-Mar. 2024Percent change in debt
Subprime (300–600)$34,102$35,3853.76%
Near prime (601–660)$44,205$44,2880.19%
Prime (661–780)$59,565$60,1120.92%
Super prime (781–850)$74,843$78,1374.40%

As scores increased, so too did average overall debt. This may be because people with higher credit scores have greater access to credit on better terms.

Average credit card debt


In the first quarter of 2024, approximately 82.9 million Credit Karma members with at least one credit card held a total of approximately $488.2 billion in credit card debt.

The average credit balance among members during the period of January to March 2024 remained nearly flat (0.15% increase) at $7,299, compared to $7,288 in October to December 2023. The average next payment was $200.

Average credit card debt among Credit Karma members by generation

GenerationAverage credit card debt Oct.-Dec. 2023Average credit card debt Jan.-Mar. 2024Percent change in credit card debt
Generation Z$3,413$3,398-0.44%
Millennial$7,031$7,0480.24%
Generation X$9,434$9,5631.37%
Baby boomers$7,889$7,9140.32%
Silent$5,581$5,543-0.68%

Gen X continued to have the most credit card debt in the first quarter of 2024, as well as the highest growth in average debt. For the first time in a year, Gen Z saw a decrease in average credit card debt versus the largest increase among the generations.

Average credit card debt among Credit Karma members by credit score band

Credit score bandAverage credit card debt Oct.-Dec. 2023Average credit card debt Jan.-Mar. 2024Percent change in credit card debt
Subprime (300–600)$7,279$7,4161.88%
Near prime (601–660)$10,699$10,8050.99%
Prime (661–780)$7,440$7,5080.91%
Super prime (781–850)$3,394$3,353-1.21%

Members with subprime credit saw the largest increase in average card debt (1.88%), reaching nearly the same amount of average card debt as prime members.

Average auto loan debt


In the first quarter of 2024, approximately 62.1 million Credit Karma members with at least one auto loan open held more than $947 billion in loan debt. The average next payment was $639.

The average auto loan balance among members remained nearly flat at $25,295 — a 0.05% decrease from $25,3072 in October to December 2023.

Average auto loan debt among Credit Karma members by generation

GenerationAverage auto loan debt Oct.-Dec. 2023Average auto loan debt Oct.-Dec. 2023Percent change in auto loan debt
Generation Z$21,160$21,1680.04%
Millennial$25,295$25,3230.11%
Generation X$28,202$28,192-0.04%
Baby boomers$23,400$23,4230.10%
Silent$19,059$19,038-0.11%

Average auto loan debt among Credit Karma members by credit score band

Credit score bandAverage auto loan debt Oct.-Dec. 2023Average auto loan debt Jan.-Mar. 2024Percent change in auto loan debt
Subprime (300–600)$23,766$23,8130.20%
Near prime (601–660)$26,090$25,898-0.74%
Prime (661–780)$26,576$26,5970.08%
Super prime (781–850)$23,377$23,5350.68%

Average mortgage debt


In January through March 2024, approximately 32.8 million Credit Karma members with at least one mortgage held a total of nearly $6.3 trillion in mortgage debt. The average mortgage balance among members was  $257,840, a 7.73% increase from $235,194 in October to December 2023. The average next payment was $1,946.

Average mortgage debt among Credit Karma members by generation

GenerationAverage mortgage debt Oct.-Dec. 2023Average mortgage debt Jan.-Mar. 2024Percent change in mortgage debt
Generation Z$223,366$227,8632.01%
Millennial$285,217$290,9822.02%
Generation X$254,379$258,1671.49%
Baby boomers$195,982$197,4830.77%
Silent$170,545$172,1870.96%

Millennials and Generation Z saw the biggest quarter-over-quarter increase in average mortgage debt year over year, though Millennials continued to have the most mortgage debt on average in January to March 2024.

Average mortgage debt among Credit Karma members by credit score band

Credit score bandAverage mortgage debt Oct.-Dec. 2023Average mortgage debt Jan.-Mar. 2024Percent change in mortgage debt
Subprime (300–600)$216,570$218,9551.10%
Near prime (601–660)$235,452$236,4010.40%
Prime (661–780)$266,945$270,5481.35%
Super prime (781–850)$258,318$266,6773.24%

Members in the highest score band saw the biggest quarter-over-quarter increase in average mortgage debt, but members with prime scores continued to have the most mortgage debt on average in January to March 2024.

Average student loan debt


In the first quarter of 2024, approximately 30.9 million Credit Karma members with at least one student loan open held a total of nearly $737.3 billion across 81 million student loans. The average next payment was $126.

The average student loan balance among members in the first quarter of 2024 was $31,265, a 1.83% increase from October to December 2023. This category of debt that experienced the largest increase in average total debt quarter over quarter.

Average student loan debt among Credit Karma members by generation

GenerationAverage student loan debt Oct.-Dec. 2023Average student loan debt Jan.-Mar. 2024Percent change in student loan debt
Generation Z$16,182$17,1836.19%
Millennial$29,955$30,7912.79%
Generation X$41,659$42,3001.54%
Baby boomers$44,186$44,6130.97%
Silent$36,647$37,2151.55%

The 6.19% growth in average student loan debt among Gen Z is the largest increase in average debt across all categories, generations and score bands for the first quarter of 2024. Year-over-year growth (fourth quarter of 2022 compared to 2023) in average student loan debt among Gen Z was 4.7%, suggesting that this generation is taking on student loan debt at a faster rate in 2024. Similarly, Millennials saw a year-over-year decrease in average student loan debt but a nearly 3% increase in January to March 2024, pointing to quicker growth as well.

Average student loan debt among Credit Karma members by credit score band

Credit score bandAverage student loan debt Oct.-Dec. 2023Average student loan debt Jan.-Mar. 2024Percent change in student loan debt
Subprime (300–600)$28,302$28,8131.81%
Near prime (601–660)$29,512$29,8561.17%
Prime (661–780)$32,562$33,1811.90%
Super prime (781–850)$33,932$34,6862.22%

Average credit scores


The average VantageScore 3.0 credit score for Credit Karma members with debt was 699 in the first quarter of 2024, but the median was a little higher at 718. Both fall in the prime range. These scores are a jump from that of members with debt in October to December 2023 — the average credit score then was 671, and the median was 679. The increases in average and median scores is due largely to increases in average debt across categories (except credit cards) for members with scores in the Super prime band.

Average VantageScore 3.0 score among Credit Karma members with debt by generation

GenerationAverage VantageScore 3.0 Jan.-Mar. 2024
Generation Z671
Millennial690
Generation X697
Baby boomers730
Silent746

Accounts in collections


For this report, accounts in collections are any credit card, mortgage, student loan, medical loan, auto lease or auto loan accounts that have been sent to collections agencies, according to their credit reports. Creditors may have different standards for when they transfer debt to collections, but the typical cutoff is 120 to 150 days past due. For this report, we’re able to determine if an account is in collections but not how many days past due it is.

Among Credit Karma members with accounts in collections, the average number of open accounts in January through March 2024 was 2.28 — nearly flat with 2.3 in October through December 2023.

Keep in mind that this measure only looks at members who have accounts in collections, not the Credit Karma member population as a whole. That means that it only captures people who are already potentially struggling with their finances.

Average number of accounts in collections by VantageScore 3.0 credit score band

Credit score bandAverage number of accounts in collections for Credit Karma members Oct.-Dec. 2023Average number of accounts in collections for Credit Karma members Jan.-Mar. 2024Percent change in accounts in collections
Subprime (300–600)2.652.650%
Near prime (601–660)1.981.980%
Prime (661–780)1.31.28-1.54%
Super prime (781–850)0.950.92-3.16%

Average credit inquiries


For this report, credit inquiries are applications for new credit, such as credit cards or loans. During January to March 2024, Credit Karma members averaged 3.3 credit inquiries, nearly flat with 3.4 in October through December 2023.

The average number of inquiries dropped across all score bands and generations, revealing that members continued to apply for fewer credit and loan products last quarter.

Average number of credit inquiries by Credit Karma members by VantageScore 3.0 credit score band

Credit score bandAverage number of inquiries for Credit Karma members Oct.-Dec. 2023Average number of inquiries for Credit Karma members Jan.-Mar. 2024Percent change in inquiries
Subprime (300–600)5.325.12-3.76%
Near prime (601–660)4.144.02-2.90%
Prime (661–780)2.972.86-3.70%
Super prime (781–850)1.981.96-1.01%

Average number of credit inquiries by Credit Karma members by generation

GenerationAverage number of inquiries for Credit Karma members Oct.-Dec. 2023Average number of inquiries for Credit Karma members Jan.-Mar. 2024Percent change in inquiries
Generation Z3.083-2.60%
Millennial3.463.38-2.31%
Generation X3.923.78-3.57%
Baby boomers3.623.48-3.87%
Silent3.12.98-3.87%

Methodology

This report drew on insights from the aggregated reports of roughly 88.5 million Credit Karma users. All aggregate data analyzed was pulled on April 11, 2024, and came from members’ TransUnion credit reports. Averages were based on information from the previous 90 days.