What is the average debt of an american family

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Opinions expressed have not been reviewed, approved or otherwise endorsed by any third party. The youngest consumers, Gen Z, have the lowest overall debt balance on average, but they struggle the most to make payments.

About Gen X has the highest average debt balance in all categories, except for personal loans. To compare your credit profile with the averages above, pull your free credit report and sign up for a free credit monitoring service. Experian offers a free credit monitoring service that allows you to sign up without providing a credit card number and gives you a one-stop look at your entire borrower profile.

See all of your credit cards and loans, plus their balances, in one place. Keep track of your on-time payments and monitor your accounts for fraudulent activity. As you can see, it's normal to carry debt, but staying on top of it will protect your credit score and ensure that you have access to the right kinds of products at lower interest rates for years to come. Knowledge Knowledge Section. Recent Articles. Image source: Getty Images. Key findings.

Note: all averages in this article are based on the population who has a particular financial product. For example, "average household mortgage debt" is among people who have mortgages, and does not include people who don't have a mortgage. Average consumer household debt in Average American debt payments in 8. Average credit card debt in Louis Federal Reserve Average household revolving credit card balance by race.

Data source: Federal Reserve Board Average household revolving credit card balance by age group. Delinquent credit card payments in 2. Average mortgage rate in 2. Average auto loan debt in Average personal loan debt in Figure Amount Average unsecured personal loan amount, Sept. Data source: TransUnion , St. However, we can talk about the average personal loan debt. Average personal loan interest rate in 9. Personal loans in hardship: 4. American medical debt in Medical debt can be difficult to track.

Bankruptcy, delinquencies, charge-offs, and foreclosures in When Americans can't handle their debts, we see foreclosures, bankruptcies, delinquencies, and charge-offs. So what happened this year?

Personal bankruptcies in by state Here are the filings per capita of all 50 states and D. Charge-off and delinquency rates on consumer loans in 1. Year and quarter All real estate loans All consumer loans Consumer credit cards Total loans and leases 1. Foreclosures in Interestingly, foreclosures are way down in Louis Bureau of Labor Statistics Census Bureau Facebook Icon This icon shares the page you are on via Facebook.

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Back to The Motley Fool. Total household debt, Q3 Average mean household debt, Nov. Total credit card debt, Q3 Average mean revolving credit card debt, Total mortgage debt, Q3 Average mortgage debt, Oct. Average mean mortgage payment, Total home equity revolving debt, Q3 Total auto loan debt, Q3 Average mean auto loan debt, Average monthly new car payment, Q2 Average monthly used car payment, Q2 Average new unsecured personal loan amount, Sept. Total consumer debt including types not listed below.

Average mean household consumer debt. Median household consumer debt. Total mortgage debt. Total revolving home equity debt. Total auto loan debt. Total credit card debt. Average credit card balance, Average store card balance, Average mean revolving credit card balance, Average median revolving credit card balance, Delinquency rate of all credit card loans from commercial banks, Q2 White, non-Hispanic. Average median mortgage payment, Average mortgage rate, Nov. The percentage of student loan accounts 30 or more days past due in decreased by a whopping 93 percent.

However, as hardship programs expire by January 31, , the delinquency rate may increase next year. As with all other debts on this list, Americans were generally current on their payments in The delinquency rate dropped by 26 percent and balances decreased by 7 percent compared to levels. When it comes to how much debt the average American has, mortgages by far represent the largest outstanding debt in the U.

Fueled by a record drop in mortgage interest rates — which reached historic lows in and continue to hover around 3 percent in — consumers across the U. Accounts 30 or more days past due decreased by 46 percent in Forbearance allows financially struggling homeowners to temporarily suspend their mortgage payments.

An estimated 1. Interest may accrue on your account, and missed payments could lead to late fees and damage to your credit. You can also consider getting professional financial help from a certified credit counselor.

Once you schedule an appointment, the counselor can go over your budget and recommend solutions, such as a debt management plan. In through thus far, millions of consumers took advantage of hardship programs and government relief efforts.

The positive trend may be attributed to relief programs put in place to address the COVID pandemic. But as these programs expire, you might need to start making payments again. If you have debt, make a plan to start paying it off in How We Make Money.

Kim Porter. Written by. Kim Porter is a personal finance expert who loves talking budgets, credit cards and student loans. In addition to serving as a contributing writer for Bankrate, Porter also writes …. Edited By Aylea Wilkins. Edited by. Aylea Wilkins. Aylea Wilkins is an editor specializing in personal and home equity loans.