What percent of millennials have credit card debt?

Key findings

67% of millennials report having credit card debt, while just 36% face student loan debt. About 1 in 4 cardholders across all generations think they'll die in debt.

What is the average debt of a millennial?

Overall, the average millennial carries about $28,317 in debt, not including mortgages, according to Experian's 2021 State of Credit report, which classifies millennials as those born between 1982 and 1995. When including mortgages, millennials' total debt averages $255,527 per person.

What age group has the most credit card debt?

Adults 75 or older have the highest average credit card debt at $8,100, but just 28% of people in this age group have debt. Meanwhile, 52% of Americans 45–54 years old have credit card debt, making them the age group most likely to carry it.

What percentage of millennials have some form of debt?

Millennials are the generation most likely to have student debt, but they typically carry smaller balances than Gen Xers. An average of 37.5% of millennials have student debt, with a median balance of $23,518, versus 28.1% of Gen Xers who owe a median of $34,314.

What percentage of adults have credit card debt?

American credit card debt statistics and key findings

Families with the lowest quartile of net worth (median net worth of $310) hold an average of $4,830 in credit card debt, although only 44% have card debt.

Credit Card Debt Hitting Millennials Extra Hard

How much debt does the average 30 year old have?

25—34 year olds = $78,396

Credit cards often have high interest rates that can cause debt to snowball. Younger millennials carry an average debt of $78,396, primarily due to credit card balances, according to Experian.

Which generation is most in debt?

How many millennials have a mortgage?

Key millennial homebuying statistics

Millennials make up an even bigger share of first-time homebuyers. In all, 82 percent of younger millennial buyers (ages 22-30) and 48 percent of older millennial buyers (31-40) purchased their first homes between July 2019 and July 2020.

What percent of millennials save money each month?

In 2019, 36 percent of the Millennials in the United States were not saving for retirement. Approximately 31 percent of the Americans aged between 23 and 37 years old were saving between one and ten percent of their monthly income.

What percentage of Americans are debt free?

And yet, over half of Americans surveyed (53%) say that debt reduction is a top priority—while nearly a quarter (23%) say they have no debt. And that percentage may rise.

How much credit card debt is normal?

If you have credit card debt, you're not alone. On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review. And Alaskans have the highest credit card balance, on average $8,026.

How much does the average millennial have in their bank account?

Millennials (ages 25 to 40) have an average of $51,300 in personal savings, while their retirement accounts have an average balance of $63,300. That's according to Northwestern Mutual's 2021 Planning & Progress Study, which surveyed more than 2,000 American adults.

What is a good net worth at 40?

By age 40, your goal is to have a net worth of two times your annual salary. So, if your salary edges up to $80,000 in your 30s, then by age 40 you should strive for a net worth of $160,000. Additionally, it's not just contributing to retirement that helps you build your net worth.

How many millennials are debt free?

Just 13% of millennial credit cardholders are debt-free, slightly higher than the 11% of Gen Xers who said the same, but far less than the 29% of baby boomers without any debt. 67% of millennials report having credit card debt, while just 36% face student loan debt.

Why can't millennials afford houses?

Millennials have been hit especially hard by the current pandemic-fueled crunch in the U.S. housing market, as low inventory, inflation, and high competition have pushed costs up.

Are millennials house poor?

Millennials are spending the highest percentage of their monthly income on housing expenses compared to other generations. Millennials (83%) are far more likely to carry debt than baby boomers (72%).

Why are Millenials in debt?

Unfortunately, millennials grew up in an America where politicians promised them everyone had a right to a college degree. And by making it the government's job to facilitate this process, these same politicians made young people's lives a living hell thanks to their student loan debt.

How much do millennials owe in student debt?

Americans owe about $1.75 trillion in student loans, according to data from the Federal Reserve. Millennials owe an average of $38,877 in student loan debt, according to an Experian consumer debt study.

What age should you be debt-free?

"Shark Tank" investor Kevin O'Leary has said the ideal age to be debt-free is 45, especially if you want to retire by age 60. Being debt-free — including paying off your mortgage — by your mid-40s puts you on the early path toward success, O'Leary argued.

Is it normal to be in debt in your 20s?

Debt is part of the average American's life, and you can start to accumulate it as young as your 20s. New findings from Experian's 2020 State of Credit report show that the average Gen Z consumer (ages 24 and younger) has about $10,942 worth of debt, not including mortgages.

Is 20 000 A lot of credit card debt?

On average, Americans carry $5,315 in credit card debt, but if your balance is much higher—say, $20,000 or beyond—you may be feeling hopeless. Paying off a high credit card balance can be a daunting task, but it's possible.