Debt in America in 2024 continues to skyrocket, in fact the total household debt is $17.987 trillion. The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans.
Mortgage debt is most Americans' largest debt, exceeding other types by a wide margin. Student loans are the next largest type of debt among those listed in the data, followed closely by auto loans. Debt tends to peak somewhere around middle age.
As a whole, this suggests that Americans tend to pay off debt going into retirement and tend to keep debt balances low in retirement, especially people over age 70. The largest source of debt for those under 30 is mortgages. Credit scores are deeply tied to debt, affecting access to credit and interest rates. It can be observed among consumers with poor credit, who have relatively low debts likely because many traditional loans and credit cards are not accessible to them.
Additionally, younger people tend to have lower credit scores as they haven't had the time to build credit like older consumers. Consumers who are 18-29 also have the lowest average debt compared to other age groups. Your objective is to pay off all of your dent if possible so you can lift the burden of lifelong indebtedness.
During this session I discuss a few ways to pay down your debt. Sign up for a free financial coaching call with Paul: https://tinyurl.com/446ad2yx
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