Consumer Debt Statistics In America 2022

According to the Federal Reserve, the consumer debt in U.SA has hit its all-time high with $15.3 trillion in 2021, shared by 340 million people, and this is clear from the Consumer Debt Statistics In America.

The Great Recession that took place 15 years ago threw millions of people out of their jobs, and just when things started to look a little better, the COVID pandemic blew sand into the economy’s gear. 

Due to the pandemic jolt, Americans’ motto to gain financial liberty has been changed into “give me debt!”.

Consumers with insufficient incomes to fulfill their financial obligations have ended 2021 with a record level of debt. 

A huge chunk of consumer debt comes from mortgages, which make up 70% of the consumer debt followed by, auto loans, the second biggest component of consumer debt.

In this article, we’ll take a closer look at the key consumer debt statistics across the U.S, using data from Experian. Let’s dive right in and see the Consumer Debt Statistics In America.

Consumer Debt Statistics In America
Consumer Debt Statistics In America

Consumer Debt Key Statistics 

  • Total consumer debt increased 5.4% from 2020 to 2021. 
  • An average American owes $92,727 in consumer debt. 
  • Generation X carries the highest consumer debt totaling $140,643. 
  • The mortgage balance grew 7.6% to a total of $10.29 trillion in 2021. 
  • The auto loan and lease balances grew by $8.9% to $1.47 trillion
  • Credit card balances reach a record high with $52 billion in the last three months of 2021.
  • People with higher education levels carry the highest consumer debt balance.  
  • Borrowers with doctoral degrees carry 97,916 in consumer debt, while college graduates carry $7,900 on average. 
  • The average debt balance increased by 3.9% to $96,3871 in 2021. 
  • Auto loans, student loans, and personal loans continue to rise in 2021. 
  • The District of Columbia has the highest consumer debt at $148,041. 
  • Average HELOC and credit card balances declined in 2021. 

Read: What Is Credit Card Refinancing Vs Debt Consolidation?

Read: How To Write A Debt Settlement Proposal Letter?


What is the Total Consumer Debt in 2021? 

Almost every American has some kind of consumer debt, ranging from student and auto loans to mortgages and credit card debt.

According to a recent survey conducted by New York Federal Reserve figures, the last three months of 2021, have seen a record increase in the U.S household debt in 14 years.  

In the fourth quarter of 2021, the total consumer debt increased up to $333 billion, which is 2.2% higher than the third quarter of 2021 and the biggest increase since 2007.

The total consumer debt now stands at $812 billion, higher than it was at the end of 2019. 


Average Consumer Debt by State

Almost all states of the United States have experienced a record increase in average consumer debt balances in 2021. However, a larger increase was seen by western with debt balances by more than 5%.

District of Columbia experienced the highest consumer debt at $148,041 while Delaware and Connecticut experienced the smallest increases in average debt, with a growth of more than 1%.

Here’s a total average consumer debt by state: Consumer Debt Statistics In America

State  Average Consumer Debt
Alabama $72,138
Alaska  $111,037
Arizona $103,326
Arkansas $69,010
California $137,301
Colorado $140,327
Connecticut $106,345
Delaware  $100,282
District of Columbia 159,957
Florida $84,926
Georgia $87,131
Hawaii$138,274
Illinois $85,991
Idaho $104,944
Iowa $76,595
Indiana $73,995
Kansas $76,090
Kentucky $68,685
Louisiana $75,373
Maryland $126,687
Michigan $72,735
Maine $81,480
Massachusetts $120,370
Mississippi $60,615
Montana $94,008
Minnesota $100,710
Missouri$77,537
Nebraska $79,916
New Jersey $105,202
Nevada $105,281
New Hampshire $99,024
New Mexico $79,194
New York $87,353
North Dakota $85,210
North Carolina $87,160
Ohio$70,747
Oregon $112,974
Oklahoma $70,196
Pennsylvania $79,686
Rhode Island $94,176
South Dakota $83,699
South Carolina $84,536
Texas $84,744
Tennessee$83,716
Utah$122,474
Virginia$122,273
Vermont $86,275
Washington $136,170
West Virginia $60,907
Wyoming $102,366
Wisconsin$81,220 

Read: ClearOne Advantage Reviews 


Average Consumer Debt by Debt Category 

Mortgage and auto loans are the largest components of the consumer budget, and growing faster than any other debt category.

Although a mortgage is a personal investment, it is also seen as a type of loan and makes up 70% of consumer debt. 

The total mortgage balance grew 7.6% to a total of $10.29 trillion in the first few months of 2021, while the total auto loan and lease balance grew by 8.9% to $14.7 trillion.

These increases occurred despite the housing and auto inventory shortages for much of the year, and consumers who found homes and autos had to purchase them with larger loans.

Debt Category  20202021Change 
Mortgage $208.185$220.380+5.9%
Student Loan $38,792$39,487-5.7%
Auto Loan and Lease$19,703$20,987+6.5%
HELOC$41,954$39,487+1.8%
Credit Card$5,315$5,221-1.8%
Personal Loan $16,458$17,064+3.7%
Total average balance $92,727$96,371+3.9%

Average Consumer Debt by Generation 

At $140,643 on average, Generation X carries the most consumer debt than any other generation as mortgages and home equity lines of credit are the main parts of consumer debt.

However, in the last few years, there has been a noticeable increase in debt among the young age group.

Baby boomers had the highest debt in 2020, while Millennials experienced the biggest increment in mortgage and consumer debt in 2021: 

Age Group20202021Change 
Generation Z (18-24)$16,043$20,803+29.7%
Millennials (25-40)$87,448$100,906+15.4%
Generation X (41-56)$140, 643$146,164+3.9%
Baby boomers (57-75)$97,290 $95,607-1.7%
Silent generation (75+)$41,281$39,859-3.4%

Average Consumer Debt by Gender

Over the decades’ women have gained great economic, but most of them have more debt than men. According to the crowdsourced data collected by PayScale, in 2021, women make about 82 cents for every dollar earned by men. 

The standard salary for men is 18% higher than for women, which is an 8% improvement from 2015 and 1% from 2020.

There are many causes of the gender gap like discrimination and career choices, and maternity issues.  

According to the survey conducted by the National Institute of retirement security in 2020, the standard amount of retirement income was $47,244.

So, women over the age of 65 and more also lag when it comes to saving and retirement.  


Average Consumer Debt by FICO Score Range  

In 2021, the average balances grew for consumers with good or better FICO Scores and declined for those who had fair or poor credit scores.

For higher scoring consumers, this increase in balance was a rebound from 2020, when balances of all consumers dipped. 

According to Federal Reserve data, in 2021, retail expenditure rebounded, and consumers who were eligible for loans were able to make new purchases, which they put off in 2020.

The delinquency rates also remained relatively low, which shows that borrowers managed their monthly payments and mortgages well. Here is a quick look at average consumer debt by FICO Score Range: 

FICO Score20202021Change 
Poor (300-579)$36,185$33,375-7.8%
Fair (580-669)$63,364$62,179-1.9%
Good (670-739)$89,585$91,5312.2%
Very Good (740-799)$99,471$105,4926.1%
Exceptional (800-850)$331,446$139,2804.4%

Read: How To Negotiate Debt Settlement On Your Own?

Read: What Is Fair Debt Collection Practices Act (FDCPA)?


Consumer Debt and Student Loan 

Consumers with student debt carry the highest debt in America. The total debt in March 2021 was around $1.7 trillion, which is more than double that of 2020.

A report published by the Brookings Institution showed that 6% of the consumers owed more than $100,000 in student debt, and 2% owed more than $200,000.

Student debt is typically amassed by consumers at a very young age and continues to negatively impact their finances for the rest of their working lives by preventing them from buying a house, getting married, or accumulating more wealth and increasing their debt. 

According to the Department of Education, people between the ages of 18-29 accounted for 34% of the student debt, but the highest average belonged to 35-year-olds who took the loan, and their outstanding balance is $42,600.

Generation Average Debt 
Generation Z$18,878
Millennials$40,247
Generation X $46,317
Baby boomers $42,351
Silent generation$29,492

Consumer Debt by Education Level

There’s a simple rule, the more educated you are, the higher your debt is. By the year 2021, most Americans had a household with more than $58,000 in student loan debt and $30,000 in auto loans. younger generations may suffer from student loan debt, and this is a significant source of stress.

The highest debt ratio in the majors was computer engineering, physical engineering, chemical engineering, and computer sciences.  

Education LevelAverage Consumer Debt
Bachelor’s degree debt$28,950
Graduate School debt$71,000
Law school debt$145,500
MBA student debt$66,300
Medical School debt$1,45,500
Dental School debt$292,169
Pharmacy school debt$179,514
Nursing school debt$23,711
Veterinary school debt $183,302

Consumer Debt and Minorities 

Minorities earn less than white people, but it does not mean they get into more debt because they have less to spend and are less qualified for loans.

According to the Economic policy institute from 2000 to 2019, the standard household income of Blacks went from $45,442 to $46,073, For Asians, it jumped from $80,000 to $98,174, and for Hispanics, it increased from $47,841 to $56,113.  

Minorities are affected differently by student loan debt. In 2021, blacks have an average of $52,000 in student loan debt.

The data collected from Educationdata.org said that 44% of black graduates have student loan debt and white people have 22% of school debt. 

MinorityAverage Debt
Asian$119,000
American Indians $60,000
White $70,000
Hispanic $35,300
Black $29,590

Read: How Much Debt You Need To Have To File For Chapter 7 Bankruptcy?


Impact of Pandemic on Consumer Debt 

If you have less income source then it is very easy to surrender yourself to debt this lesson hit our homes in 2020.

The highest level of unemployment in 2020 broke the record since 1948 when it went from 3.5% in pre-COVID to the peak level of 14.8% in April 2020.

The highest growth over the decades is that the total Consumer debt grew by $800 billion, and that was an increase of 6% over 2019.  

We hope you found this article on Consumer Debt Statistics In America useful.


NPC Overall Rating

Leave a Comment