What percent of Americans are in debt?

A large majority of Americans carry some form of debt, with estimates often around 80% of households, including mortgages, auto loans, student loans, and credit cards, though the exact percentage varies by source and debt type, with roughly half of adults carrying credit card balances and over 40% with mortgage debt. The most common debts include credit cards, auto loans, student loans, and mortgages, with medical debt also being a significant burden for millions, impacting nearly 80 million people.

How many Americans are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve.

How many Americans have $20,000 in credit card debt?

A majority of Americans (53%) carry some, with an average balance of $7,719. However, a third of those carrying debt (32%) owe $10,000 or more, while almost 1 in 10 (9%) have credit card debt over $20,000.

Is being debt free the new rich?

Yes, for many people, being debt-free feels like the new rich because it provides immense financial freedom, peace of mind, and security, even if it doesn't mean having millions in the bank; it shifts the definition of wealth from pure income to a lack of financial burdens, allowing for more saving, investing, and enjoying life without stress. While traditional wealth is assets minus liabilities, eliminating debt frees up income for wealth-building, making it a significant step towards financial well-being and independence, especially as many struggle with rising costs and stagnant wages. 

What is the average credit card debt for a 30 year old?

The average credit card debt for Millennials, who are primarily in their 30s, is almost $7,000 as of 2025, according to Experian®.

Do You Have More Debt Than the Average American?

What is the credit card limit for $70,000 salary?

The credit limit you can expect for a $70,000 salary across all your credit cards could be as much as $14000 to $21000, or even higher in some cases, according to our research. The exact amount depends heavily on multiple factors, like your credit score and how many credit lines you have open.

What percent of Americans have no debt?

About 23% of Americans are debt-free, according to recent Federal Reserve data, meaning roughly one in four adults carries no student loans, mortgages, car loans, or credit card balances. While many people aim for financial freedom, most households have some form of debt, with numbers varying by age and income, though debt is common across the spectrum.
 

Which actor wiped out debt for 900 families?

Actor Michael Sheen paid off $1.3 million worth of debt for his neighbors. Plus, this guy has been diving for lost golf balls for 30 years.

How does Dave Ramsey say to pay off debt?

How Does the Debt Snowball Method Work?

1. Step 1: List your debts from smallest to largest (regardless of interest rate).
2. Step 2: Make minimum payments on all your debts except the smallest debt.
3. Step 3: Throw as much extra money as you can on your smallest debt until it's gone.

At what age should you be debt-free?

By the age of 50 it is ideal to be debt-free, and your retirement savings should be enough to give you a comfortable life. Retiring with debt can be a stressful.

How many people don't pay off their credit card?

Roughly half of U.S. adults carry a credit card balance, meaning they don't pay it off monthly, with recent data from 2024-2025 showing figures around 46% to 53% of cardholders revolving debt, according to sources like the Fed, Bankrate and Clever Real Estate. This group often struggles with unexpected expenses or daily costs, and many stay in debt for extended periods, with some studies showing over half of those with debt carrying it for over a year. 

What is a good credit score range?

A good credit score generally falls in the 670-739 range for FICO scores, indicating responsible credit use and good chances for loan approval with decent rates, while scores above 740 (Very Good) to 800+ (Exceptional) unlock the best loan terms and interest rates, with scores below 600 often making credit harder to get. Different models (FICO, VantageScore) use slightly different bands, but the overall trend is the same: higher is better, with 700+ being a solid target.
 

Should a $20000 credit card have a $6000 balance?

How Much You Should Spend With a $20,000 Credit Limit. Spending between $200 and $2,000 per month is best for your credit score. You should avoid having a balance above $6,000 when your monthly statement gets generated. Even if you spend $0, your credit score will still improve just by having the account open.

Which gender has more debt?

Men have 2 percent more credit card debt than women. Men have 9.7 percent more mortgage debt than women. Men have 20 percent more personal loan debt than women. Women have 2.7 percent more student loan debt than men.

What is the average retirement savings?

The average retirement savings for all U.S. families is around $334,000, but the median is much lower at $87,000, highlighting a large gap due to high earners skewing the average. Savings vary significantly by age, with younger generations having much less, and older age groups (like 65-74) showing higher figures, such as a median of $200,000, though many Americans still lack sufficient savings.
 

What percentage of Americans are struggling financially?

A significant portion of Americans struggle financially, with recent data showing around one-third (32%) in crisis or struggling, nearly half (49%) living paycheck to paycheck, and many finding basic necessities hard to afford, highlighting broad economic strain across different demographics. While some reports show percentages around 27% reporting "just getting by" or "difficult to get by," other measures, like living paycheck to paycheck or struggling with expenses, suggest the struggle impacts far more, possibly up to 67% or more when considering various aspects like debt and unexpected costs. 

What is the 777 rule with debt collectors?

The "777 Rule" (or 7-in-7 Rule) for debt collectors, established by the Consumer Financial Protection Bureau's Regulation F, limits phone calls to no more than seven times in a seven-day period for each specific debt, and requires a seven-day waiting period after a live phone conversation about that debt before calling again. This rule prevents harassment by setting clear caps on call frequency, with missed calls, voicemails, and attempted calls counting toward the limit, while also granting consumers the right to stop calls at work or via digital means. 

Why is it not smart to pay off your mortgage?

You might miss out on investment returns: If your mortgage rate is lower than what you'd earn on a low-risk investment with a similar term, you might consider keeping the mortgage, paying it off gradually, and investing what extra you can.

What is Dave Ramsey's 8% rule?

Dave Ramsey's 8% rule suggests retirees can safely withdraw 8% of their starting portfolio value annually, adjusted for inflation, by investing 100% in stocks, expecting a 12% average return to sustain withdrawals. This strategy is highly controversial, as it differs significantly from the traditional 4% rule, carries much higher risk (especially with early market downturns), and relies heavily on consistent high stock market returns, leading many financial experts to criticize it as unsustainable and overly optimistic. 

What is the 11 word phrase to stop debt collectors?

Use this 11-word phrase to stop debt collectors: “Please cease and desist all calls and contact with me immediately.” You can use this phrase over the phone, in an email or letter, or both.

Who did Charlie Sheen give $100,000 to?

Charlie Sheen apparently helped fellow actor Lindsay Lohan by giving her $100,000 to help pay taxes in arrears. The former "Two And A Half Men" actor and "tiger blood" madman, who met Lohan when they worked together on "Scary Movie 5," wrote the actress a check for 110K so she could pay her bills, according to TMZ.com.

Who owns the 36 trillion debt?

Who Owns All that Debt? On October 21, 2025, the nation's gross debt eclipsed $38 trillion. Of that amount, approximately 80 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors.

What race has the most debt in the US?

Approximately three-quarters of Black- and White-headed families have debt, but the median debt-to-asset ratio is 50% higher among Black than White families (Copeland, 2020), with Black borrowers less likely to fully repay loans (Brevoort et al., 2021).

What percentage of Americans are mortgage free?

According to ResiClub's analysis of the U.S. Census Bureau's new annual data, 40.3% of U.S. owner-occupied housing units are now mortgage-free, marking a new high for this data series. That's up from 39.8% in 2023.

How many Americans carry a credit card balance?

Roughly half of Americans carry a credit card balance, with recent surveys from 2025 showing figures around 46% to 60% of cardholders having debt, depending on the study and definition. These debts often stem from emergencies or daily expenses, with significant interest costs, making it a burdensome financial situation for many.