How many Americans have loans? (2024)

How many Americans have loans?

As of the fourth quarter of 2023, 23.5 million Americans have a personal loan, up from 22.5 million in the fourth quarter of 2022. The number of people with loans dropped during the pandemic from the previous height of 20.8 million at the end of 2019 to 18.7 million in the second quarter of 2021.

What percent of Americans have loans?

Even though household net worth is on the rise in America (at $141 trillion in the summer of 2021)—so is debt. The total personal debt in the U.S. is at an all-time high of $14.96 trillion. The average American debt (per U.S. adult) is $58,604 and 77% of American households have at least some type of debt.

How many Americans have a personal loan?

Key Statistics

Nearly 23 million Americans have unsecured personal loans, with an average balance of about $11,500. Today, the average interest rate on a personal loan is 11.48%, up from 9.38% in 2021.

What percentage of America is debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.

How many people are behind on loans?

Between July 1 and Sept. 30, 2023, 29.6% of Americans in the 100 largest metros were at least 30 days behind on at least one debt payment. That includes credit cards, auto loans, personal loans, mortgages, student loans and other. LendingTree chief credit analyst Matt Schulz finds this figure concerning.

How many people are 100% debt-free?

What percentage of America is debt-free? According to that same Experian study, less than 25% of American households are debt-free. This figure may be small for a variety of reasons, particularly because of the high number of home mortgages and auto loans many Americans have.

What age are people debt-free?

A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.

How much debt is normal?

The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.

How much does the average American have in loans?

According to Experian, average total consumer household debt in 2023 is $104,215. That's up 11% from 2020, when average total consumer debt was $92,727.

What is the average loan amount in the US?

The average personal loan amount in America was $11,548 in the second quarter of 2023. The average interest rate in Q2 is 11.48%.

How many Americans live paycheck to paycheck?

A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.

What age group has the most debt?

Gen X (ages 43 to 58) not only carries the most debt on average of all the generations, but is also the debt leader in credit card and total non-mortgage debt.

Which gender has more debt?

According to a 2019 Experian study, men carry more debt than women across nearly all categories, including credit card debt — the study found that men have $125 more in credit card debt than women on average.

How many people never get out of debt?

You're not alone. According to a 2019 survey by CreditCards.com, 25% of Americans with debt say they'll never be able to pay off all of the money they owe.

How much credit card debt is normal?

What's the average credit score?

The average FICO^® Score^☉ in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022.

Is debt-free the new rich?

Myth 1: Being debt-free means being rich.

A common misconception is equating a lack of debt with wealth. Having debt simply means that you owe money to creditors. Being debt-free often indicates sound financial management, not necessarily an overflowing bank account.

Is it rare to have no debt?

Between mortgage loans, credit cards, student loans, and car loans, it's not uncommon for the typical American to have one or more types of debt. The ones who are living debt-free may seem like a rarity, but they aren't special or superhuman, nor are they necessarily wealthy.

Are debt-free people happier?

Being free from financial burdens can alleviate stress and anxiety and boost our self-esteem, confidence, and control over our lives. That's why it's important you learn to cultivate healthier financial habits so you can improve your overall quality of life.

At what age should house be paid off?

O'Leary's Take on Paying Down Mortgages

According to him, your best chance for long-term financial success lies in getting out from under your mortgage by age 45.

What is the average debt for a 70 year old?

The Average Debt for People Aged 65-74

Householders in this age group who have debt carry an average debt of $105,250. Among those in this age group who have a primary residence debt, average mortgage debt is $152,890.

Can you really live debt free?

Becoming debt-free can take time, but it's certainly achievable if your effort is consistent and you take the right steps, including the following: Write down all your debts, including your current balances, interest rates and monthly payment amounts.

Is $5000 in debt a lot?

$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month.

What is the average net worth of Americans?

Net worth is the difference between the values of your assets and liabilities. The average American net worth is $1,063,700, as of 2022.

What is the 28 36 rule?

The 28/36 rule dictates that you spend no more than 28 percent of your gross monthly income on housing costs and no more than 36 percent on all of your debt combined, including those housing costs.