You Might Have Less Debt Than You Think, Compared With the Average American—Here’s Where You Rank

• The average American had just over $105,000 in total debt as of the third quarter of 2024, according to last data release from Experian.

• Knowing how much you owe compared with others can give you a relative sense of your financial health.

If you’re wondering whether your debt is out of line with the average American, seeing if you’re above or below the benchmark of $100,000 in total debt is a good start.

As of the third quarter of 2024, the average American had about $105,056 in total debt, up 0.8% from the same time a year prior. The amount of outstanding debt in the country stood at $17.57 trillion, itself up 2.4% year-over-year, according to credit bureau Experian. Average loan payments as of the first quarter of 2025 were about $1,237 a month, up from $1,199 a year earlier.

Between 2023 and 2024, revolving forms of debt like home equity lines of credit (HELOCs) and credit cards grew the most, with the average of these debts climbing 7.2% and 3.5%, respectively. Mortgage debt grew 3.3%, auto loans increased 2.1%, and retail credit cards were up 2.4%, per Experian. The average personal loan debt declined by 2%, while student loan debt fell by 9.2%, given moves by the federal government in 2024 to cancel the student debt load of certain borrowers.

Mortgages are, unsurprisingly, the largest category of debt, with the average mortgage debt sitting at $252,505. The average HELOC balance was $45,157 in the third quarter of 2024. Meanwhile, the average student loan debt balance fell to $35,208, and the average auto loan balance grew to $24,297. Personal loans averaged just over $19,000, while credit cards and retail credit cards had averages of $6,730 and $1,217, respectively.

Experian also broke down the average debt along generational lines, finding that Millennials had the largest average mortgage debt at $312,014, while members of Generation X had the highest average credit card debt and car loan balance, along with other non-mortgage debt.

The average American owes about $105,000 in total debt as of 2024, with mortgages making up the largest chunk. Gen Xers carry the highest credit card and auto loan balances, while Millennials have the biggest mortgages. Knowing where you fall can help you assess how manageable your debt load is.

If you’re carrying debt, you’ll want to ensure you know exactly what you owe, to whom, and at what interest rate.

There are also several rules of thumb for how much of your monthly income should go to your debts. For example, the 28/36 rule suggests spending no more than 28% of your gross income on housing costs and no more than 36% on total debt. For someone earning $50,000 a year, that means keeping housing under $1,167 monthly and all debt payments under $1,500 monthly.