Average Debt By Age (2026 Edition)

Debt is delaying major life decisions for a striking number of Americans. According to a Bankrate survey cited on the show, 64% of people carrying credit card debt are postponing things like marriage, having children, buying a home, or even spending on healthcare. The hosts frame this as a crisis of momentum: debt doesn’t just cost money in interest; it actively prevents people from building the lives they want.

The Generational Debt Landscape

The episode’s central framework is a generation-by-generation breakdown of average debt balances, designed to show how debt loads evolve—and often worsen—over a lifetime.

• Gen Z (ages 18–28): Average total debt is about $34,000. The biggest pitfalls are student loans (average $22,000 for those who have them) and auto loans (average $21,000). The hosts warn against the temptation to "look the part" right out of school. Bo shares a personal story of trading in a paid-off Ford F-150 for a used Acura TL financed at 9.25% interest, a decision he calls a mistake that delayed his early investing.
• Millennials (ages 29–44): Average total debt jumps to $132,000. This is the "messy middle," where life is pulling in a thousand directions. Average credit card balances reach $7,000, and auto loans average $25,000. The hosts caution against the trap of thinking "I can afford the monthly payment" without realizing the total cost of mult