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Sat Oct 17, 2020, 08:35 PM

The average American has $90,460 in debt.. including mortgage

The average American has $90,460 in debt—here’s how much debt Americans have at every age
CNBC Select reviews the average amount of total debt Americans have at every age.

Gen Z (ages 18 to 23): $9,593
Millennials (ages 24 to 39): $78,396
Gen X (ages 40 to 55): $135,841
Baby boomers (ages 56 to 74): $96,984
Silent generation (ages 75 and above): $40,925

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not a fair comparison, including the mortgage, Californian carry huge mortgages compared to most other states.

https://www.cnbc.com/select/average-american-debt-by-age/

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Reply The average American has $90,460 in debt.. including mortgage (Original post)
Demovictory9 Oct 17 OP
hauckeye Oct 17 #1
42bambi Oct 17 #2
Yavin4 Oct 17 #3
Demovictory9 Oct 17 #4
ret5hd Oct 17 #5
MichMan Oct 17 #6
ret5hd Oct 17 #9
KatyMan Oct 17 #11
ret5hd Oct 17 #12
KatyMan Oct 17 #13
ret5hd Oct 17 #14
KatyMan Oct 17 #15
A HERETIC I AM Oct 17 #20
rso Oct 17 #7
panader0 Oct 17 #8
drray23 Oct 17 #10
roamer65 Oct 17 #16
Le Roi de Pot Oct 17 #17
Klaralven Oct 17 #18
Silent3 Oct 17 #19
keithbvadu2 Oct 17 #21
roamer65 Oct 18 #22
DFW Oct 18 #23

Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 08:40 PM

1. Wow

My husband and I are both 66 and are fortunate to have no debt, own our home outright, pay off credit cards each month, even saved enough to pay our daughter’s college so she has no debt. Seeing the above numbers makes me even more grateful.

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 08:44 PM

2. Using debt only does not give the whole financial picture of anyone, the ratio of

income and assets should always be considered.

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Response to 42bambi (Reply #2)

Sat Oct 17, 2020, 08:46 PM

3. Most Americans don't have any assets outside of the equity in their homes. nt

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Response to 42bambi (Reply #2)

Sat Oct 17, 2020, 08:46 PM

4. true. someone can have 200K in a 401K and a 100K mortgage

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 08:59 PM

5. I think the mean would be a more informative figure.

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Response to ret5hd (Reply #5)

Sat Oct 17, 2020, 09:00 PM

6. The mean is the same thing as the average

Did you mean median?

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Response to MichMan (Reply #6)

Sat Oct 17, 2020, 09:18 PM

9. Well, I am DU's resident sciolist (no, YOU look it up)...

so I resent your attempt at correcting me... but yes, that’s what I mean!

Plus, you gave me an opportunity to use my “word of the day”.

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Response to ret5hd (Reply #9)

Sat Oct 17, 2020, 09:35 PM

11. "but yes, that's what I mean!"

I thought you meant median? Now I'm befuddled!

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Response to KatyMan (Reply #11)

Sat Oct 17, 2020, 09:38 PM

12. I mean median.

But did you look up sciolist yet? It’s my new favorite word.

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Response to ret5hd (Reply #12)

Sat Oct 17, 2020, 09:42 PM

13. I didn't have to

I already knew it. I know all the words. I mean it.















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Response to KatyMan (Reply #13)

Sat Oct 17, 2020, 09:44 PM

14. Do you know all the BEST words???

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Response to ret5hd (Reply #14)

Sat Oct 17, 2020, 09:46 PM

15. Well, all the sciolistic ones for sure!

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Response to KatyMan (Reply #15)

Sat Oct 17, 2020, 11:05 PM

20. You two are weirdos

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 09:00 PM

7. Debt

Including mortgage is not an accurate indicator. For example, I owe 365 k on my mortgage, but the House is now worth 900 K.

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 09:03 PM

8. I'm quite poor, money wise, and receive SS as my income, but I have no debt.

Well, about $50 to Lowes. I'm pretty meticulous about paying my bills.

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 09:30 PM

10. thats misleading if they only count debt.

most people have mortgages. Unless you are underwater, your house value offsets that.

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 09:57 PM

16. The best question to ask yourself.

If I lose my job/income, how long can I or my family make it without ending up homeless.

That is where the statistics get very grim.

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 10:06 PM

17. The only thing that matters is cash flow at the end of the month after all

 

Payments and expenses. I have mortgages/ student +Auto loans much bigger than that. .. but after everything including eating out and putting away money for future vacations and paying down my loans .. I save between 500 to 600 each month. Zero credit card carry.

I do 2 jobs and my wife has 1.. we could not save without those 3 jobs


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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 10:56 PM

18. While a mortgage is debt, it is secured by a property that is usually worth more than the mortgage

So the net financial position on the house or condo is Expected Selling Price minus Realtor Fees and Other Selling Costs minus Mortgage Payoff Amount.

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 11:04 PM

19. Considering how big mortgage and college debts can be...

...those figures are actually lower than I'd have guessed. And since I know most 18-23 y/o don't have the cash on hand to make big down payments on cars, an average debt of $9,593 would imply either a lot don't have cars, or are making due with old used cars.

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Response to Demovictory9 (Original post)

Sat Oct 17, 2020, 11:39 PM

21. Pay the credit cards off every month

My ex-wife did not understand why I insisted that we pay off the credit cards every month when most of our friends had a permanent balance due.

After the divorce, she ran up the cards and realized how much interest she was paying and not running down the balance very quickly.

She took out a bank loan and paid them mostly off.
She still had the same amount of debt to start but the lower interest rate allowed her to pay off the balance much quicker.

When she bought her trailer and land, the bank asked her for her cc balance.
She said it was about 600 or 800 dollars.
Said his jaw just about hit the floor.
He was used to hearing 3000, 5000, 8000 or more.

Now she understands.

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Response to keithbvadu2 (Reply #21)

Sun Oct 18, 2020, 12:06 AM

22. If they are paid off, then you get cheap money from the issuing banks.

They offer cheap money to at least make some money off from the account. I use some of that money for investment purposes.

Since it is unsecured debt, if one files bankruptcy most of it is wiped out.

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Response to Demovictory9 (Original post)

Sun Oct 18, 2020, 03:36 AM

23. Trump cancels me out

We are both baby boomers. He has something like $2 billion in debt. I have none. Between us, we have an average of $1 billion in debt. Fine with me as long as there is no change in who holds how much of it.

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