The Average American Debt in 2024

Today we are going to discuss an article that highlights the average American debt in 2024. In 2024, the average American carries $104,215 in debt, which includes mortgages, auto loans, credit cards, student loans, and more. Mortgage debt is the largest piece, averaging $244,498, followed by student loans at $38,787 and auto loans at $23,792.

Debt varies by age and tends to peak for people in their middle years. For example, Gen X holds the most debt at $157,556, while younger Gen Z consumers have much lower debt, averaging $29,820.

Credit scores play a huge role in how much debt a person carries. Those with excellent credit (800-850) average $158,839 in debt, while consumers with poor credit (300-579) hold much less, around $43,584.

Where you live also impacts your debt. States like California and Washington see higher averages, with residents owing more than $140,000, while states like Mississippi have averages closer to $65,000.

If you’re working to pay off debt, two common strategies are the debt snowball and debt avalanche methods. Both can help you tackle what you owe. Some also choose debt consolidation or refinancing to lower their interest rates and simplify payments.

Debt relief options, such as credit counseling or debt settlement, are available if your situation becomes overwhelming. But it’s important to take action before debt becomes a bigger burden.

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