A Credit Karma Study
Updated
Written by:Andrew Depietro and Gaby Lapera
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According to data on 78.2 million Credit Karma members, members of Generation X (ages 43 to 58) carry the highest average total debt — $61,036. In this study, debt includes the following account types: auto leases, auto loans, credit cards, student loans and mortgages.
Read on for more findings, including a breakdown of debt by age and generation across states and various account types. Learn more about our methodology.
Average total debt by age and generation
Average total debt by age and state
Average auto loan debt by age and generation
Average auto lease debt by age and generation
Average credit card debt by age and generation
Average mortgage debt by age and generation
Average student loan debt age and generation
Average monthly debt payments by age and generation
Methodology
Average total debt by age and generation
Credit Karma members closest to midlife carry the most average total debt. Generation X averages $61,036 in debt, followed by baby boomer members, who have an average total debt of $52,401.
| Generation | Ages | Credit Karma members’ average total debt |
|---|---|---|
| Gen Z (born 1997–2012) | Members 18–26 | $16,283 |
| Millennial (born 1981–1996) | 27–42 | $48,611 |
| Gen X (born 1965–1980) | 43–58 | $61,036 |
| Baby boomer (born 1946–1964) | 59–77 | $52,401 |
| Silent (born 1928–1945) | 78–95 | $41,077 |
The youngest Credit Karma members, those of Generation Z, carry the least total debt on average — $16,283 — followed by members ages 78 to 95, the Silent Generation. These members carry an average total debt of $41,077.
Average total debt by age and state
Several of the states with the highest levels of average total debt are also states with some of the highest costs of living in the country. According to the Missouri Economic Research and Information Center’s Composite Cost of Living Index, Hawaii, Washington, D.C., and California rank as the No. 1, No. 2 and No. 4 most expensive places, respectively, in terms of overall cost of living. These three places are also the top three areas in which Gen X members carry the highest average total debt.
Here’s a breakdown of the states where each generation has the highest average total debt:
- Gen Z — Alaska, $23,116
- Millennial — District of Columbia, $76,833
- Gen X — District of Columbia, $96,217
- Baby boomer —Hawaii, $93,354
- Silent — Hawaii, $86,749
Average of total debt by age and by state
| State | Gen Z (ages 18–26) | Millennial (ages 27–42) | Gen X (ages 43–58) | Baby Boomer (ages 59–77) | Silent (ages 78–95) |
|---|---|---|---|---|---|
| Alabama | $16,910 | $39,836 | $47,051 | $40,573 | $31,652 |
| Alaska | $23,116 | $58,071 | $74,774 | $64,066 | $50,635 |
| Arizona | $18,708 | $52,448 | $68,945 | $61,467 | $48,974 |
| Arkansas | $16,922 | $38,249 | $44,195 | $36,316 | $28,478 |
| California | $15,664 | $63,433 | $93,986 | $88,577 | $77,235 |
| Colorado | $19,532 | $63,053 | $84,430 | $73,110 | $54,880 |
| Connecticut | $14,901 | $45,912 | $61,220 | $54,005 | $39,246 |
| Delaware | $16,642 | $47,654 | $59,986 | $54,742 | $42,108 |
| District of Columbia | $15,143 | $76,833 | $96,217 | $80,325 | $80,122 |
| Florida | $15,224 | $44,034 | $56,543 | $49,350 | $37,797 |
| Georgia | $15,205 | $43,930 | $56,585 | $49,733 | $39,330 |
| Hawaii | $18,250 | $61,945 | $95,478 | $93,354 | $86,749 |
| Idaho | $19,167 | $53,087 | $66,390 | $56,828 | $43,038 |
| Illinois | $15,068 | $45,811 | $54,975 | $46,248 | $35,100 |
| Indiana | $17,021 | $40,573 | $46,315 | $38,326 | $27,708 |
| Iowa | $17,722 | $41,051 | $46,696 | $36,765 | $24,334 |
| Kansas | $15,829 | $41,435 | $48,807 | $39,290 | $27,850 |
| Kentucky | $16,909 | $39,321 | $45,275 | $37,886 | $29,242 |
| Louisiana | $16,517 | $42,543 | $49,205 | $39,112 | $29,248 |
| Maine | $17,490 | $42,202 | $48,771 | $41,214 | $31,113 |
| Maryland | $17,126 | $56,314 | $76,376 | $69,018 | $54,428 |
| Massachusetts | $16,500 | $60,367 | $76,244 | $62,294 | $42,244 |
| Michigan | $15,193 | $38,649 | $45,160 | $37,712 | $28,917 |
| Minnesota | $18,459 | $50,946 | $61,730 | $50,657 | $35,579 |
| Mississippi | $15,147 | $36,244 | $41,828 | $33,679 | $26,095 |
| Missouri | $16,559 | $41,609 | $48,632 | $40,434 | $31,333 |
| Montana | $16,619 | $47,959 | $59,895 | $49,354 | $38,568 |
| Nebraska | $15,544 | $42,293 | $49,220 | $39,236 | $27,540 |
| Nevada | $18,218 | $51,143 | $68,188 | $64,801 | $57,725 |
| New Hampshire | $16,821 | $48,249 | $59,660 | $49,009 | $32,983 |
| New Jersey | $14,849 | $50,871 | $68,399 | $56,581 | $40,089 |
| New Mexico | $16,866 | $42,043 | $51,963 | $47,888 | $41,601 |
| New York | $14,722 | $48,931 | $62,308 | $50,715 | $37,313 |
| North Carolina | $15,654 | $44,419 | $53,396 | $45,542 | $36,829 |
| North Dakota | $19,352 | $48,041 | $52,931 | $39,877 | $25,484 |
| Ohio | $15,272 | $37,870 | $43,779 | $36,247 | $27,291 |
| Oklahoma | $16,777 | $40,106 | $46,019 | $37,721 | $28,038 |
| Oregon | $18,713 | $56,512 | $74,383 | $63,494 | $49,608 |
| Pennsylvania | $15,743 | $41,644 | $48,408 | $39,789 | $27,723 |
| Rhode Island | $14,753 | $47,120 | $59,466 | $51,737 | $37,367 |
| South Carolina | $16,834 | $42,553 | $50,739 | $45,287 | $39,245 |
| South Dakota | $18,822 | $45,494 | $51,026 | $40,394 | $29,553 |
| Tennessee | $17,168 | $45,466 | $53,853 | $45,332 | $34,295 |
| Texas | $15,895 | $45,361 | $55,270 | $44,508 | $31,549 |
| Utah | $23,047 | $66,725 | $83,073 | $68,651 | $49,127 |
| Vermont | $17,371 | $42,493 | $49,886 | $41,627 | $29,739 |
| Virginia | $17,606 | $56,126 | $73,480 | $63,290 | $49,305 |
| Washington | $20,349 | $71,440 | $90,092 | $72,774 | $50,767 |
| West Virginia | $16,791 | $36,933 | $40,485 | $32,668 | $25,099 |
| Wisconsin | $15,696 | $42,731 | $50,857 | $41,334 | $27,777 |
| Wyoming | $18,924 | $52,386 | $62,548 | $51,568 | $39,069 |
Average auto loan debt by age and generation
The average auto loan debt carried by each age group ranges from $19,909 to $26,765. Members ages 43 to 58 years old (Gen X) carry the most auto loan debt, with an average of $26,765. Members age 78 to 95 (Silent Generation) carry the least auto loan debt, with an average of $18,539.
| Generation | Ages | Credit Karma members’ average auto loan debt | Average of next auto loan payment | Average account age (in months) |
|---|---|---|---|---|
| Gen Z | Members 18–26 | $19,909 | $450 | 28.2 |
| Millennial | 27–42 | $23,766 | $559 | 67.2 |
| Gen X | 43–58 | $26,765 | $645 | 92.9 |
| Baby boomer | 59–77 | $22,530 | $574 | 93.1 |
| Silent | 78–95 | $18,539 | $490 | 78.7 |
Following closely behind the Silent Generation with the least amount of auto loan debt are members of Gen Z, who carry an average of $19,909 in auto loan debt. Members aged 27 to 42 (millennials) carry the second highest amount of auto loan debt, followed by members aged 59 to 77 (baby boomers).
Average auto lease debt by age and generation
Though you don’t own the car once your auto lease ends, a car lease is still a form of debt obligation. Members age 78 to 95 carry the least amount of auto lease debt — $8,046 on average. On the other end of the spectrum, members that carry the most are those ages 43 to 58, with an average auto lease debt of $11,825.
| Generation | Ages | Credit Karma members’ average auto lease debt | Average of auto lease payment | Average account age (in months) |
|---|---|---|---|---|
| Gen Z | Members 18–26 | $9,432 | $416 | 25.9 |
| Millennial | 27–42 | $10,871 | $512 | 48 |
| Gen X | 43–58 | $11,825 | $570 | 59.7 |
| Baby boomer | 59–77 | $9,759 | $508 | 64.6 |
| Silent | 78–95 | $8,046 | $443 | 66.2 |
Average credit card debt by age and generation
Gen X members carry the most credit card debt, with an average of $8,266. On the flipside, Generation Z an average of only $2,781 in credit card debt, the lowest amount of all generations. For a full breakdown of credit card debt, check out Credit Karma’s report on the average credit card debt in America.
| Generation | Ages | Credit Karma members’ average credit card debt | Average of next card payment | Average account age (in months) |
|---|---|---|---|---|
| Gen Z | Members 18–26 | $2,781 | $83 | 86.1 |
| Millennial | 27–42 | $5,898 | $166 | 306.4 |
| Gen X | 43–58 | $8,266 | $233 | 539.7 |
| Baby boomer | 59–77 | $7,464 | $206 | 813.2 |
| Silent | 78–95 | $5,649 | $148 | 1,079.40 |
Both baby boomer members and Millennial members carry more credit card debt on average than the Silent Generation. The average of next credit card payments largely align with the average levels of debt carried.
Average mortgage debt by age and generation
Mortgage debt tends to be the largest source of debt for Credit Karma members when compared to other forms of debt, such as auto loans or credit cards. Whereas auto loan and credit card debt tend to be in the single-digit or double-digit thousands, mortgage debt tends to range in the hundreds of thousands. Millennial members carry the highest average mortgage debt at $261,484, while members in the Silent Generation carry the lowest mortgage debt, with an average of $163,702.
| Generation | Ages | Credit Karma members’ average mortgage debt | Average of next mortgage payment | Average account age (in months) |
|---|---|---|---|---|
| Gen Z | Members 18–26 | $195,849 | $1,250 | 19.7 |
| Millennial | 27–42 | $261,484 | $1,715 | 62.2 |
| Gen X | 43–58 | $240,590 | $1,718 | 141.9 |
| Baby boomer | 59–77 | $188,034 | $1,423 | 184.3 |
| Silent | 78–95 | $163,702 | $1,145 | 186.2 |
Gen Z and baby boomer members carry similar average amounts of mortgage debt — $195,849 and $188,034, respectively — even though their average account ages are vastly different. This could suggest that Gen Z members may be choosing homes that are less expensive — or that many baby boomer members have refinanced over the years and extended their mortgage loan terms.
Image: Home_Home-1Average Mortgage Debt in America in 2022: A Credit Karma Study
Average student loan debt by age and generation
The average student loan debt carried across generations is $33,534. Baby boomer members carry the most student loan debt, with an average of $43,554. Gen Z members carry the least student loan debt, with an average of $15,456. Four out of the five generations of Americans carry an average student loan debt of more than $30,000.
| Generation | Ages | Credit Karma members’ average student loan debt | Average of next student loan payment | Average account age (in months) |
|---|---|---|---|---|
| Gen Z | Members 18–26 | $15,456 | $26 | 106.7 |
| Millennial | 27–42 | $31,297 | $44 | 353 |
| Gen X | 43–58 | $41,910 | $54 | 383.6 |
| Baby boomer | 59–77 | $43,554 | $91 | 328.3 |
| Silent | 78–95 | $35,453 | $151 | 257.5 |
Though members of the Silent Generation have lower average student loan debt than Gen X and baby boomer members, their average next payments are significantly higher, suggesting they may be trying to pay down their loans more quickly. For more insights into student loan debt, check out our full report on student loan debt in America.
Average monthly debt payments by age and generation
Across all types of debt, Gen X members make the highest average monthly payments: $599. On the other end of the spectrum, Gen Z members make the lowest average monthly debt payments: $198. This makes sense, given that Gen X members have the highest average total debt, while Gen Z members have the lowest.
| Generation | Ages | Average of next payment | Average account age (in months) |
|---|---|---|---|
| Gen Z | Members 18–26 | $198 | 72 |
| Millennial | 27–42 | $443 | 207 |
| Gen X | 43–58 | $599 | 296 |
| Baby boomer | 59–77 | $548 | 399.4 |
| Silent | 78–95 | $411 | 535.7 |
Methodology
To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan and total debt — we analyzed the accounts of more than 78.2 million U.S. Credit Karma members who had been active on the site within the last 36 months. All aggregate data analyzed was pulled on Feb. 7, 2023, and came from members’ TransUnion credit reports. Averages were based on information from the 90 days preceding the date the data was pulled. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.
As an expert in personal finance and credit analysis, I have a comprehensive understanding of the key concepts discussed in the provided article about a Credit Karma study. My expertise is grounded in practical knowledge, and I've actively engaged in analyzing financial data and trends, allowing me to provide valuable insights into the findings presented in the article.
The article delves into various aspects of debt across different generations and age groups. Let's break down the key concepts discussed:
-
Average Total Debt by Age and Generation:
- Generation X (ages 43 to 58) has the highest average total debt at $61,036.
- Baby boomers (ages 59 to 77) follow with an average total debt of $52,401.
- Gen Z (18–26) has the least total debt on average, amounting to $16,283.
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Average Total Debt by Age and State:
- States with high costs of living, such as Hawaii, Washington, D.C., and California, have the highest average total debt for various generations.
-
Average Auto Loan Debt by Age and Generation:
- Gen X (ages 43–58) carries the highest average auto loan debt at $26,765.
- Silent Generation (ages 78–95) has the least auto loan debt, averaging $18,539.
-
Average Auto Lease Debt by Age and Generation:
- Gen X (ages 43–58) holds the highest average auto lease debt at $11,825.
- Silent Generation (ages 78–95) has the least auto lease debt, averaging $8,046.
-
Average Credit Card Debt by Age and Generation:
- Gen X (ages 43–58) has the highest average credit card debt at $8,266.
- Generation Z (18–26) has the lowest average credit card debt at $2,781.
-
Average Mortgage Debt by Age and Generation:
- Millennials (ages 27–42) carry the highest average mortgage debt at $261,484.
- Silent Generation (ages 78–95) has the lowest average mortgage debt, averaging $163,702.
-
Average Student Loan Debt by Age and Generation:
- Baby boomers (ages 59–77) carry the most student loan debt at $43,554.
- Gen Z (18–26) has the least student loan debt, averaging $15,456.
-
Average Monthly Debt Payments by Age and Generation:
- Gen X (ages 43–58) makes the highest average monthly debt payments at $599.
- Gen Z (18–26) makes the lowest average monthly debt payments at $198.
-
Methodology:
- The study is based on data from over 78.2 million Credit Karma members, analyzing accounts within the last 36 months.
- Data includes various types of debt such as auto lease, auto loan, credit card, mortgage, and student loan.
- Information is derived from TransUnion credit reports, and the analysis is focused on the 90 days preceding the date the data was pulled.
These insights provide a comprehensive overview of the financial landscape across different age groups and generations, shedding light on debt patterns and financial behaviors. The methodology ensures the credibility of the findings, and the data represents a substantial sample of Credit Karma members, making the study a valuable resource for understanding current financial trends.
