Here's how much debt the average consumer has, and where it's the worst
A new study reveals how much debt the average consumer has and where it is the worst.
Researchers at LendingTree analyzed more than 428,000 anonymized credit reports in the 100 largest U.S. metropolitan areas to show how consumers carry non-mortgage debt across generations and where they have the highest balances.
Across the four generations analyzed, the company found that the median non-mortgage debt in the largest metros was $24,668.
Gen Xers in these metros had a median debt of $33,859 – the highest by generation and twice as high as that among Gen Zers ($16,562). Millennials had an average debt of $30,558 and baby boomers carried a debt of $18,779. Meanwhile, Gen Xers also had the highest median credit card, auto loan and student loan balances, while baby boomers had the highest median personal loan balances.
In this photo illustration the Visa, Mastercard and American Express logos are seen on credit and debit cards. (Credit: Matt Cardy/Getty Images)
High debt in Texas
Across all demographics in the largest metros, baby boomers, Gen Xers and Gen Zers in McAllen, Texas had the highest debt, with a median balance of $46,166.
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Another Texas metro — El Paso — has the highest median debt among millennials, at $42,982.
Where Gen Zers carry most non-mortgage debt
Gen Zers in McAllen, Texas, had the highest median non-mortgage debt.
According to the findings, the youngest adult generation owed a median of $27,781.
Where millennials carry most non-mortgage debt
Millennials with non-mortgage debt owed the most in El Paso, Texas, at a median of $42,982.
This is the only generation analyzed where non-mortgage debt wasn't the highest in McAllen. Across the 100 largest metros, millennials owed a median of $30,558.
Where Gen Xers carry most non-mortgage debt
Across all generations in the 100 largest metros, Gen Xers in McAllen had the highest non-mortgage debt at a median balance of $46,166.
Notably, four of the five metros where Gen Xers owed the most were in Texas. Across the 100 metros, Gen Xers owed a median of $33,859.
Where baby boomers carry most non-mortgage debt
The findings show that McAllen baby boomers had the highest median non-mortgage debt, owing $33,020. Overall, 97.7% of baby boomers in the largest 100 metros owed a balance of $18,779.
You can see the full results here.
Currently, consumers across the nation hold $1 trillion in credit card debt.
In 2022 alone, $116 billion in new credit card debt was added as inflation continued to weigh on household budgets. In the second quarter of 2023, consumers added almost $43 billion, which marked the second-largest increase during that period to date, according to WalletHub.
This story was reported from Los Angeles.