Debt in Your 20s: How You Compare to Others Just Starting Out

Debt Overview - The average person in their 20s owes $19,962, with nearly two-thirds carrying debt [2][10] - About 42% of adults aged 18-29 who attended college have student loan debt, while Gen Z holds an average of $3,493 in credit card balances [2][4] Student Loans - Student loans are the primary debt for college attendees in their 20s, with federal borrowers owing an average of $39,075, and a median of $20,000 to $25,000 [4][5] - For those under 25, the average student loan balance is approximately $14,162, while individuals in their late 20s owe around $33,150 [4] Credit Card Debt - Gen Z has an average credit card balance of $3,493, which nearly doubles to $6,961 for millennials in their early 30s [6] - 72% of Gen Z with credit history carry a balance month to month, and credit cards charge around 22% interest, leading to significant costs if only minimum payments are made [6][7] Auto Loans and BNPL - Approximately 41% of Gen Z has an auto loan with an average balance of $20,893, which can lead to owing more than the car's worth due to depreciation [8] - Around 44% of Gen Z utilized Buy Now, Pay Later (BNPL) services in 2024, averaging 6.3 loans and spending $848 across lenders [9]