Here's How Much Debt Americans Really Have

New survey reveals 1 in every 2 Americans is in debt, with insights on demographics, debt types and debt amounts

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Oct 10, 2016, 07:15 ET

LOS ANGELES, Oct. 10, 2016 /PRNewswire/ -- Paying off debt is the No. 1 source of financial stress in the U.S. today¹, but to find out what type and how much debt Americans are in, GOBankingRates surveyed nearly 3,000 adults asking about their mortgage, credit card, student loan and medical debts.

For full survey details, including insights into gender, age and income, visit: https://www.gobankingrates.com/personal-finance/survey-debt-americans/

GOBankingRates surveyed nearly 3,000 adults asking about their mortgage, credit card, student loan and medical debts.

Percentage of Americans With…

Mortgage Loan Debt (39%)
Credit Card Debt (38%)
Auto Loan Debt (31%)
Student Loan Debt (27%)
Medical Debt (21%)

Median Debt by Debt Type

Mortgage Loan Debt ($59,500)
Student Loan Debt ($9,100)
Auto Loan Debt ($8,000)
Credit Card Debt ($2,000)
Medical Debt ($600)

Stand-Out Insights:

51% of Americans report being debt-free
Of the 49% of in-debt Americans, the median debt is $38,850
The median mortgage debt for women is $74,000 — $14,000 more than men
Women have almost twice as much student loan debt as men
Almost half of adults earning $100,000 to $149,999 have credit card debt, the largest percentage of any income bracket
Older adults ages 65 plus are least likely to have debt, and those ages 35 to 44 are most likely
While lower-income adults have the most medical debt, higher-income adults have the highest credit card debt

"Our survey found that Americans are saddled with various types of debt — from mortgages and student loans to credit card and medical debt — but it is a burden that can be overcome," said Cameron Huddleston, Life + Money Columnist for GOBankingRates. "The best way to dig yourself out of debt is to make paying off what you owe a priority. Take a close look at your spending to figure out what unnecessary costs you can cut, then put that money toward your debt each month before you have a chance to spend it on something else."

Methodology: Responses were collected through a Google Consumer Survey conducted from Sept.16, 2016, to Sept. 18, 2016, and responses are representative of the U.S. online population. The survey has a 2.6 percent margin of error.

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips for saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider, and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey towards a rich mind and full wallet with us here.

Contact:

Katie Johnston, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x116

¹: Huddleston, C. (2016). "The No. 1 Cause of Financial Stress in Every State" GOBankingRates.com. https://www.gobankingrates.com/personal-finance/financial-stress-state/

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SOURCE GOBankingRates