--- title: Which Generation Has the Most Debt? It's Not Millennials description: Data shows Gen X has the most debt, with higher average debt than millennials, Gen Z and boomers in student loans, credit cards and more. authors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Loans - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Loans - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2024-06-04T20:00:56.000Z' modified: '2024-10-10T14:20:47.000Z' section: Loans tags: - News word_count: 841 canonical: https://money.com/generation-with-most-debt-gen-x/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Hands holding tangled string](https://img.money.com/2024/06/News-Generation-Most-Debt.jpg) Generation X, perhaps best known for being overlooked, stands out from the pack in one unfortunate way: debt. By most measurements, Gen X is deeper in debt than other generations. Members of Gen X — born roughly from 1965 to 1980 — have the highest average debt stemming from [student loans](https://money.com/student-loans/), [credit cards](https://money.com/best-credit-cards/) and more. Why does Gen X owe so much money? It’s mostly due to their current circumstances rather than particular personal finance decisions. “To put it simply, many of these individuals are in an expensive phase of life,” Rod Griffin, senior director of consumer education and advocacy at credit reporting agency Experian, tells Money via email. “They may have mortgages and car payments on top of the ongoing costs of raising a family. They may be shouldering education expenses for themselves and/or their children.” Here's how Gen X matches up in terms of debt levels with Gen Z (born 1997 and after) millennials (1981 to 1996), baby boomers (1946 to 1964) and the silent generation (1928 to 1945), based mostly on [2023 data from Experian](https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/). ## Regain financial stability with the help of Freedom Debt Relief ### Freedom can start you on the path to resolve your debt, especially if you owe over $20,000. Why wait? Select your state to get started today! [Get Started](https://money.com/pr/l67257dab4e3?ap_referrer=%2Fgeneration-with-most-debt-gen-x%2F) ## Overall debt by generation Though members of Gen X may be swimming in debt, they’re also in their highest-earning years right now — which certainly comes in handy if you have a ton of debt to pay off. Another good thing: In all likelihood, Gen X’s debt will retreat as they get older and their kids (hopefully) move out and become financially independent. “Generally, as consumers get into later stages of life, we see debt levels decrease and average credit scores increase. We expect to see a similar trend with Gen X as they age and begin paying off their mortgage, vehicles, etc.,” Griffin says. ![](https://img.money.com/2024/06/News-Generation-Most-Debt-Chart2.jpg?quality=85) ## Student loan debt Young people are more likely to have student loan balances: 24.3% of millennials and 20.2% of Gen Z are in student debt, compared to 14.9% of Gen X, 6.1% of boomers and only 1.4% of the silent generation. But among those who have student loan debt, Gen X owes the most, on average. (Note: The data below comes from [Experian](https://www.experian.com/blogs/ask-experian/state-of-student-loan-debt/) and is based on 2023 numbers. It’s unclear how debt levels may have been affected by the Biden administration’s many [student loan forgiveness initiatives.](https://money.com/biden-unveils-new-student-loan-forgiveness-plan/)) ![](https://img.money.com/2024/06/News-Generation-Most-Debt-Chart-Student2.jpg?quality=85) At least Gen X overwhelmingly believes that going to college was worth the expense. According to a recent [Debt.com survey](https://www.prnewswire.com/news-releases/in-debt-and-full-of-regret-americans-overwhelmingly-have-at-least-one-financial-regret-and-credit-cards-top-the-list-302132565.html), only 6% of Gen X says they regret taking on too much student loan debt, compared to 11% of millennials and 20% of Gen Z. ## Make your student loan payments work for you! ### Refinancing your student loan can help reduce your monthly payments and even the total cost of your loan. Why wait? Click below to get started today! [See Details](https://money.com/pr/o9d264b635e4?ap_referrer=%2Fgeneration-with-most-debt-gen-x%2F) ## Mortgage loan debt The average mortgage balance for each generation makes sense when you think about what’s likely to be happening in the lives of different groups right now. Members of Gen Z are just entering the workforce and are facing a very expensive housing market. Basic starter homes may be all they can afford, so their mortgage payments are correspondingly small. Meanwhile, millennials and Gen X homeowners could be on their second or third house at this point in their lives. Parents from these generations probably still have children living at home, so they need more space compared to young people who don’t have kids or older folks whose children are out on their own. The older generations have had more time to pay off their [mortgages](https://money.com/best-mortgage-lenders/) or have even already downsized. In either circumstance, their mortgage balances would be smaller than the typical homeowner in their 30s or 40s. ![](https://img.money.com/2024/06/News-Generation-Most-Debt-Chart-Mortgage2.jpg?quality=85) While millennials and Gen X face the biggest mortgage bills, they’re also lucky enough to have the lowest [mortgage rates](https://money.com/current-mortgage-rates/). According to a [Freddie Mac report](https://www.freddiemac.com/research/forecast/20240516-economic-growth-moderated-start-year#spotlight), the average mortgage interest rate at origination for millennial and Gen X homeowners is 4.0%, compared to 4.1% for boomers, 4.3% for the silent generation and 4.9% for Gen Z. The differences are largely a matter of timing: Members of Gen Z have been unfortunate to reach their prime homebuying ages over the past few years, when mortgage rates have spiked. By contrast, “millennials entered the market when the rates were low, with 37% of all millennial borrowers’ purchases occurring in 2020 and 2021," the Freddie Mac report explains. “While 25% of all Gen Xers’ purchases were in 2020 and 2021, Gen Xers who already were homeowners took advantage of low rates and refinanced during the low-rate period.” ![](https://img.money.com/2024/06/News-Generation-Most-Debt-Chart-Mortgage-Pay2.jpg?quality=85) ## A lower rate could translate to lower payments, which means you’ll pay less for your home overall ### Locking in a lower interest rate means lower payments and more savings. Sound good? Get a free quote from Rocket Mortgage (NMLS #3030) by clicking below. [View Rates](https://money.com/pr/daf350d7fb39?ap_referrer=%2Fgeneration-with-most-debt-gen-x%2F) ## Credit card debt [Credit card debt](https://money.com/how-to-pay-off-credit-card-debt/) levels follow a similar pattern to other debt categories, with Gen X leading the pack. ![](https://img.money.com/2024/06/News-Generation-Most-Debt-Chart-Credit2.jpg?quality=85) While Gen X has the highest average debt, millennials are most likely to wish they didn’t spend so much on their cards. Just over one-quarter of millennials say they regret piling up their credit card debt, versus 19% of Gen X and Gen Z, per [Debt.com](https://www.prnewswire.com/news-releases/in-debt-and-full-of-regret-americans-overwhelmingly-have-at-least-one-financial-regret-and-credit-cards-top-the-list-302132565.html). ## Find a Credit Repair company that works for you ### 🥇 Most Affordable Credit Help Company! ![View Plans](https://s3.consumersadvocate.org/prd/image/image/28241/medium_ae18ab6b-f004-4597-a78c-b5057ebf3778.png) Our Partner [View Plans](https://money.com/go/3d4537178d1d?bidid=4055880285&pmeta=p129-c527-u25367&ptid=665008772&ptoken=e9ce7237ae26be01896b1f927550f5f6) ### Take Steps Toward Improving Your Credit with a Trusted Legal Team ![View Plans](https://s3.consumersadvocate.org/prd/image/image/541/medium_AEPRGHMZaPsbrAuaWpZtkFWwSMTooS.png) Our Partner [View Plans](https://money.com/go/30284292bf90?bidid=4055880281&pmeta=p129-c527-u25367&ptid=665008772&ptoken=21469bd0b67cd0f0a5aaed38dab1ed51) ### Offers a single, low-cost credit repair package ![View Plans](https://s3.consumersadvocate.org/prd/image/image/1992/medium_Sky_Blue_Credit_Repair_Logo.png) Our Partner [View Plans](https://money.com/go/67422268125f?bidid=4055880284&pmeta=p129-c527-u25367&ptid=665008772&ptoken=44ab5f523a787c7236dc086008aef4d9) ### All plans include unlimited disputes to all three credit bureaus ![View Plans](https://s3.consumersadvocate.org/prd/image/image/544/medium_AzCOfmOSdIObukHTtkAFkkVcednFPx.png) Our Partner [View Plans](https://money.com/go/439e0153dd47?bidid=4055880287&pmeta=p129-c527-u25367&ptid=665008772&ptoken=818b11c2649ee4dfc50d834246c308fc) ### Even the most basic packages include financial management tools ![View Plans](https://s3.consumersadvocate.org/prd/image/image/29349/medium_5f909068-0d8c-41f9-91b3-62c42c6b942c.webp) Our Partner [View Plans](https://money.com/go/7a3d121d3636?bidid=4055880289&pmeta=p129-c527-u25367&ptid=665008772&ptoken=11caf86fe10cd2b75ca7546c19f2874b) ## Auto loan debt It’s largely the same story for [auto loan](https://money.com/best-auto-loan-rates/) debt. Once again, those Gen Xers have the highest debt levels, likely because they need bigger vehicles (think: SUVs) and more of them (for teenage drivers). ![](https://img.money.com/2024/06/News-Generation-Most-Debt-Chart-Auto2.jpg?quality=85) ![](https://s3.consumersadvocate.org/prd/image/image/25289/medium_2e7b27ce-b30d-40a3-beef-0139ecba6b47.png) If you owe over $20,000 or more, Freedom Debt Relief can help you get back on your feet! [Get Started](https://money.com/pr/u5c2defb44d4?ap_referrer=%2Fgeneration-with-most-debt-gen-x%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/generation-with-most-debt-gen-x/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Loans", "item": "https://money.com/loans/" }, { "@type": "ListItem", "position": 3, "name": "Which Generation Has the Most Debt? 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