Experian has released a new consumer debt study, and according to the report, outstanding consumer debt in the U.S. is around $14.88 trillion, with an average individual debt of almost $93,000.
For the millennial generation, who are roughly 25 to 42 years old, the individual number is an average of $87,448 in debt.
To conduct the study, Experian looked at its database of credit report information to analyze the average credit card debt, student loan debt, auto loan debt and personal loan debt for millennials.
Here are the numbers for millennials:
Average credit card debt: $4,322
Average student loan debt: $38,877
Average auto loan debt: $19,011
Average personal loan debt: $12,306
The Millennials were just behind the Gen Z generation for debut, with Experian stating the young Gen Z gen’s debut growth seems to “track with age.” Gen Z’s average debut grew grew 67.2% from 2019 to 2020.
Here are the numbers for Gen Z:
Average credit card debt: $1,963
Average student loan debt: $17,338
Average auto loan debt: $15,574
Average personal loan debt: $6,004
View the full tally here.