How Much Debt Is The Average American In?

According to the Federal Reserve Bank of New York, the average American consumer owed $90,460 in debt . The total amount of consumer debt in the United States was over $14 trillion, and the average debt per person was almost $13,000.

The average American consumer owes the most in mortgage debt, with approximately $9.5 trillion in outstanding loans. This is followed by auto loans, which account for $1.3 trillion, and student loans, which account for $1.5 trillion. Credit card debt is the fourth largest source of consumer debt, at $807 billion.

The amount of debt held by each generation varies significantly. Millennials have the highest levels of debt, with over $1.5 trillion in total consumer debt. Generation X is the second most indebted generation, with $1.2 trillion in total consumer debt. Baby boomers have the third highest levels of debt, with approximately $1 trillion in total consumer debt.

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