Average American Debt: How Does Your Total Compare to Everyone Else?

The average American carried about $105,056 in total debt as of the third quarter of 2024, according to Experian data, so if your own balance is hovering near or above six figures, you're actually right in line with the national norm rather than some outlier drowning in red ink.

What $17.57 Trillion in Debt Actually Looks Like

That $105,056 figure represents a 0.8% increase from the year before, part of a national debt pile that reached $17.57 trillion, up 2.4% year over year. Monthly loan payments climbed too, averaging around $1,237 in the first quarter of 2025 compared with $1,199 a year earlier. Mortgages remain the heavyweight in this picture, averaging $252,505 per borrower. HELOCs came in at $45,157 on average, while student loans dropped to $35,208, largely thanks to federal debt cancellation programs targeting certain borrowers in 2024. Auto loans rose to $24,297, personal loans sat just above $19,000, and credit card balances averaged $6,730, with retail store cards trailing at $1,217.

Which Debts Grew Fastest Between 2023 and 2024

Revolving debt did the most climbing. HELOC balances jumped 7.2%, and credit card debt rose 3.5%, both outpacing the 3.3% growth in mortgage debt and the 2.1% increase in auto loans. Retail credit cards ticked up 2.4%. Not everything went up, though: personal loan debt slipped 2%, and student loan debt fell a notable 9.2%, a direct result of targeted forgiveness efforts. Generational patterns tell their own story here. Millennials hold the largest average mortgage balance at $312,014, while Generation X leads in credit card debt, car loan balances, and other non-mortgage obligations. That combination makes sense given where each generation typically sits in life: Millennials buying first and second homes, Gen Xers juggling kids, cars, and accumulated spending.

Sizing Up Your Own Debt Against the Benchmark

Knowing your own numbers matters more than comparing yourself to a national average, but the average gives useful context. Start by listing every debt you carry, the balance, and the interest rate attached to it. From there, a common guideline called the 28/36 rule offers a gut check: no more than 28% of gross income should go toward housing, and no more than 36% toward all debt combined. Someone earning $50,000 a year, for instance, would want to keep housing costs under $1,167 a month and total debt payments under $1,500 a month.

Once you know where you stand, two well established payoff strategies can help. The avalanche method attacks whichever debt carries the highest interest rate first, typically credit cards, which tends to save the most money over time. The snowball method instead targets the smallest balance first, aiming to build momentum through quick wins before moving to bigger debts. Neither approach is inherently better; it depends on whether you're more motivated by saving money or by seeing balances disappear quickly. For those who feel genuinely stuck, reaching out to a debt relief company is worth exploring to see whether that kind of structured help fits the situation.

Where Borrowers Go From Here

Rising HELOC and credit card balances suggest more households are leaning on revolving credit to cover costs, even as mortgage and auto debt grow more slowly by comparison. The falling student loan average shows how policy decisions can reshape debt totals almost overnight. Whether the current mix of debt eases or intensifies through 2025 will depend heavily on interest rates and how comfortable households remain leaning on credit cards and home equity to bridge gaps in their budgets.