Average Debt By Age

Credit card debt is one of the main areas where the UK appears to be struggling.

Average debt by age. Between the ages of 55 and 64 many Americans start to think about retirement. As you can see consumers age 62 and older have the lightest debt burden followed by those age 24 and younger. Fifty percent of households have mortgage debt in this age bracket with a median housing debt of 93700.

Below is a breakdown of the average amount of debt by age in the United States. The highest amount of credit card debt belongs to the age group between 45 and 54 years old 9096. Student loans are the primary source of debt for this age group followed by credit card debt.

Those in the 35-44 age bracket carry the second-largest amount at 133100. Is that a coincidence or a consequence. Households led by someone age 25-40 in the top 1 of income had an average of 6253252 in student debt.

Your age however often has a lot to do with what you owe and to whom. The percentage of auto loan accounts 30 or more days past due dropped by 22 percent in 2020. Their credit card debt is climbing too with 49 carrying a median 2500.

Otherwise you could potentially be making payments for another two decades before you become debt free. Its probably not a coincidence that the average salary for those in that age bracket is the highest for any age bracket. Indeed personal loan balances tend to increase with age until age 82 when they begin to declinethe same year balances start to dip below the national average.

Credit Card Debt Millennials and individuals over 74 years old have the least amount of credit card debt 5808 and 5638 respectively but these groups are also among the least likely to have a credit card. Median debt levels excluding mortgages peak for households where the reference person is between 18 and 34 years oldthis age group has an average non-mortgage household debt level of 10400 and a median debt level of 4800 in other words half of the indebted households in the 18 to 34 age bracket have at least 4800 of debt. Twenty-year-olds had slightly more card debt with an average credit card debt of 2310 than 21-year-olds or 22-year-olds who had averages of 1881 and 1939 respectively.