Household debt in the U.S. was approximately $18.8 trillion in the second quarter of 2026, according to data from the Federal Reserve Bank of New York's latest Quarterly Report on Household Debt and Credit. Incorporating credit card bills, auto loans, mortgages, student loans, and other obligations, that figure represents a decrease of 0.1%, or $13 billion, from the first quarter of the year.
Approximately $13.58 trillion of it was housing-related, while $5.19 trillion was non-housing-related debt.
Borrowing is a healthy part of a long-term financial plan, whether it's for education or a place to call home. But if you're not able to make regular, in-full payments, it can derail your future.
Find out how much Americans are carrying in debt, and what you can do to clear your accounts.
Average debt, by age
As of the first quarter of 2026, American adults owed an average of $63,500 in debt. That actually represents a drop of $870 per adult, according to USAFacts, after adjusting for inflation.
The most recent demographic data, from Q2 2025, shows Gen X carrying the heaviest burden.
- Generation Z (13-28): $34,328
- Millennials (29-44): $132,280
- Generation X (45-60): $158,105
- Baby Boomers ( 61-79): $92,619
- Silent Generation (80+): $38,460
Gen Xers have had more years than Millennials or Gen Z to establish credit, and are more likely to be juggling large expenses associated with housing, raising a family and education.
Source: Experian data from June 2025 (with ages as of 2025).
Average credit card debt, by age
Total credit card balances reached $1.26 trillion at the end of Q2 2026, according to New York Fed data. The percentage of card balances that were more than 90 days delinquent was nearly 13%, just shy of the all-time high of 14% recorded in early 2010.
In Q1, the most recent period for which demographic information is available, Generation X, (born between 1965 and 1980) carried the largest average credit card balance, $9,560.
- Generation Z (14-29): $3,483
- Millennials (30-45): $7,013
- Generation X (46-61): $9,560
- Baby Boomers ( 62-80): $6,676
- Silent Generation (81+): $3,323
Source: Experian data from March 2026 (with ages as of 2026).
Average mortgage, by age
Mortgage balances in Q2 2026 actually declined by $74 billion, hitting $13.1 trillion. Home equity lines of credit, meanwhile, rose by $13 billion to $459 billion in the same period.
In mid-2025, the most recent period for which demographic data was available, the average mortgage balance was $258,214.
Mortgage balances typically peak among younger, newer homeowners, who haven't been able to pay down much of their loans yet. But coming of age in a tight housing market, many members of Gen Z have delayed homeownership. In 2025, the average age of a first-time homebuyer was a record 40 years old.
- Generation Z (13-27): $262,000
- Millennials (28-44): $320,030
- Generation X (45-60): $286,570
- Baby Boomers ( 61-79): $196,230
- Silent Generation (80+): $148,510
Source: Investopedia analysis of Experian data from mid-2025 (with ages as of 2025).
Average auto loan, by age
Total auto loan debt increased by $28 billion to reach an all-time high of $1.71 trillion in Q2 2026.
According to a LendingTree analysis, Gen X had an average monthly car payment of $589 in 2025, the most recent period for which age data is available. That was the highest rate among all generations, followed by Millennials, with an average payment of $589.
Although their debt load was lower, Gen Z borrowers often face higher interest rates due to their lower incomes and limited credit histories.
- Generation Z (13-28): $20,893, or $522 per month
- Millennials (29-44): $25,307, or $589 per month
- Generation X (45-60): $27,836, or $594 per month
- Baby Boomers ( 61-79): $22,583, or $554 per month
- Silent Generation (80+): $17,180, monthly payment data not available
Source: Experian data from June 2025 and LendingTree analysis of auto loan accounts from July 1 to Sept. 30, 2025. (Ages are as of 2025.) Because the Silent Generation holds less than 2% of all active auto loans, their monthly payments are typically excluded from major generational data sets.
Average student loan debt, by age
According to the Fed's report from Q2, Americans owe roughly $1.65 trillion in student loans.
At the end of Q1, Gen-Xers in their 50s had an average of $48,203 in student loans, the largest balance of any demographic.
- Age 24 and under: $14,242
- Age 25-34: $33,271
- Age 35 to 49: $45,673
- Age 50-61: $48,203
- Age 62+: $42,780
Source: Investopedia analysis of the Federal Student Aid Portfolio Summary from March 2026 (with ages as of 2026)
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How to get out of debt
If you find yourself struggling to keep your head above water financially, there are several strategies for getting out of debt.
The avalanche and snowball methods
Making more than the minimum payment on any credit cards or other interest-bearing accounts one of the first steps to getting out of the red. Otherwise, the APR can balloon and overtake your original balance.
Try the avalanche method If you're paying off multiple creditors: Put any additional money toward the account with the highest APR and keep making minimum payments on your other balances. It can be a lengthy process, but it will save you the most on interest. Once that account is settled, move on to the bill with the second-highest APR and so on. Think you'd do better with some early victories? Use the snowball method and knock off your smallest balance first.
Debt consolidation loans
A debt consolidation loan can combine multiple bills into a single monthly payment at a lower, fixed interest rate.
Upgrade approves loans up to $75,000, with funds available one business day after you accept — you can even get a discount for having payments sent straight to your creditors. If you don't have strong credit, Prosper allows you to apply with a co-borrower, which can improve your odds of approval and help you qualify for better terms.
We like that Upgrade considers borrowers with fair credit and allows you to apply with a co-borrower, which can improve your odds of approval and receiving favorable rates. The maximum interest rate is on the high side, however.
- Accepts applicants with fair credit
- Approves loans of up to $75,000
- Discount for having creditors paid directly
- Funding in as little as one day*
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- High maximum interest rate
- Origination fee of up to 9.99%
- No physical branches
Why Upgrade is the best for financial literacy:
- Free credit score simulator to help you visualize how different scenarios and actions may impact your credit
- Charts that track your trends and credit health over time, helping you understand how certain financial choices affect your credit score
- Ability to sign up for free credit monitoring and weekly VantageScore updates
You can sign with collateral or a co-borrower to better your approval odds and secure a lower rate. Funding can be quick.
- Approves loans of up to $50,000
- Repeat borrowers may qualify for an APR discount
- Borrowers can choose their payment date
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- Higher maximum APR than other lenders
- Funding may take several days
- No direct payment to creditors
- Numerous fees
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9.95% to 35.99%
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Debt relief programs
Debt relief companies negotiate with your creditors to lower your balances. They can charge up to 25% of your total enrolled balance, but many advertise being able to cut balances in half. For consumers who are severely in the red, it may be worth it.
Two of our top picks for debt relief, Freedom Debt Relief and National Debt Relief, both work with consumers with as little as $7,500 in unsecured debt.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Freedom Debt Relief has resolved over $20 billion in outstanding debts since 2002. It offers free credit card debt relief consultations.
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