U.S. adults $29,800 in debt, mortgages not included
Topics: U.S. DEBT MORTGAGE
This is according to the latest findings from Northwestern Mutual's 2019 Planning and Progress Study.
The research also revealed that 15% of Americans believe they'll be in debt for the rest of their lives.
While those numbers are staggering, they represent an improvement over last year when U.S. adults reported an average of $38,000 in personal debt.
Still, the debt problem in America continues to run deep with wide-spread implications.
The study found:
- On average, over one-third (34%) of people's monthly income goes toward paying off debt
- 45% of Americans say debt makes them feel anxiety on at least a monthly basis
- 35% report feeling guilt at least monthly as a result of the debt they're carrying
- One in five (20%) report that debt makes them feel physically ill at least once a month
- One-fifth (20%) of U.S. adults are not sure how much debt they have
- Over one in three Americans (34%) are unsure how much of their monthly income goes toward paying off their debt.
Among the generations, Gen X reported the highest levels of personal debt with $36,000 on average.
They're followed by Baby Boomers at $28,600; Millennials at $27,900; and Gen Z at $14,700. ■