Your debt may be lower than you think, compared to the average American — here’s how you rank

If you’re wondering if your debts aren’t in line with the average American’s, knowing if your total debt is above or below $100,000 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 earlier. The country’s outstanding debt reached $17.57 trillion, up 2.4% year-on-year, according to credit bureau Experian. Average loan payments as of the first quarter of 2025 were about $1,237 per month, up from $1,199 the previous year.

Breaking America’s debt burden

Between 2023 and 2024, revolving forms of debt such as home equity lines of credit and credit cards recorded the greatest growth, with these debts rising on average by 7.2% and 3.5%, respectively. Mortgage debt rose 3.3%, auto loans rose 2.1%, and retail credit cards rose 2.4%, according to Experian. Average personal loan debt fell 2%, while student loan debt fell 9.2%, due to the federal government’s moves in 2024 to cancel the student debt burden for some borrowers.

Unsurprisingly, mortgages are the largest category of debt, with the average mortgage debt being $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 rose to $24,297. Personal loans averaged just over $19,000, while credit cards and retail credit cards averaged $6,730 and $1,217, respectively.

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

How to deal with your debt burden

If you’re carrying debt, you’ll need to make sure you know exactly what you owe, to whom, and at what interest rate.

There are also several rules of thumb about how much of your monthly income should go toward your debt. 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 making $50,000 a year, that means keeping housing under $1,167 per month and all debt payments under $1,500 per month.

Two proven strategies can help you pay it off faster:

• The avalanche method targets high-interest debts first, such as credit cards, with the goal of saving money on interest over time.
• The snowball method focuses on your smallest balance first, hoping to give you quick wins that build momentum toward tackling larger debts.

And if you’re really in a place where you can’t get out of debt, you can contact a debt relief company to see if the service is right for you.