According to an analysis by LendingTree, American Gen Xers (those between 44 and 59 years old) have the highest median debt spread across credit card loans, car debt, and outstanding student loans. Here are some key points:
- Non-Mortgage Debt:
- Gen Xers owe about $34,000 in non-mortgage debt, which is the largest median percentage of people with such debt among the generations examined.
- Millennials owe approximately $30,500, Baby Boomers have outstanding debt of $19,000, and Gen Z comes in last at a little over $16,500.
- Notably, four of the five metros where Gen Xers owe the most are in Texas, with McAllen having the highest non-mortgage debt for this group.
- Credit Card Debt:
- Gen Xers with the highest credit card debt are not from Texas; they’re from Bridgeport, Connecticut. Their outstanding credit card debt is about $8,700, higher than the overall median balance of close to $6,300.
- New York and Miami Gen Xers follow closely, owing about $1,000 less than their Connecticut counterparts.
- Auto Loan Debt:
- Gen Xers have a higher share of auto loan debt than any other generation, with a little over 61% carrying such debt.
- In McAllen, Texas, Gen Xers owe the most toward auto loans, with a median balance of $29,862.
- Student Loan Debt:
- While only 25.4% of Gen Xers owe student loans, their median share is the highest among all groups, at more than $31,000.
- Southerner Gen Xers, particularly in Jackson, Mississippi, grapple with student loan debt more than any other part of the country.
- Personal Loans:
- About 14.5% of Gen Xers have a balance of personal loans, which averages $5,000. Their median balance is the second-highest among all generations.
In summary, Gen Xers indeed face significant debt challenges, holding about 38% of liabilities (debt) in the U.S., despite comprising less than 20% of the population.
Sources:
www.newsweek.com/gen-x-debt-1917229
www.gobankingrates.com/loans/student/cities-gen-xers-most-student-loan-debt/
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