Average American Financial Statistics
Download the InfographicA look at where the average American really stands with money.
For many Americans, financial security feels out of reach. Despite living in a wealthy nation, some of these statistics are staggering. Here are the numbers behind our infographic, with the sources for each. The figures reflect the most recent data the sources had published when we compiled them (2024).
How much debt does the average American carry?
Among Americans who hold each type of debt, these are the average balances, based on Experian consumer debt data from Q3 2024:
| Debt type | Average balance |
|---|---|
| Mortgage | $252,505 |
| Home equity line of credit (HELOC) | $45,157 |
| Student loans | $35,208 |
| Auto loan | $24,297 |
| Personal loans | $19,014 |
| Credit and retail cards | $7,947 |
Averages are among people who carry that type of debt, not across all Americans.
What is the average credit card APR?
The average credit card APR is above 22% as of 2024, roughly 4 percentage points higher than in 2022, according to Experian. At rates like that, a carried balance grows quickly, which is why credit card debt is usually the first target in a payoff plan.
How many Americans can cover a $400 surprise expense?
37% of Americans cannot afford an unexpected expense over $400, and 21% have no emergency savings at all, according to an Empower study published in April 2024. A starter emergency fund is the single most effective buffer between a surprise bill and new debt.
How much income goes to necessities?
Almost 1 in 3 American households spends over 90% of household income on necessities, and 1 in 4 spends over 95%, based on 2024 Bank of America internal data. When nearly everything goes to keeping life running, even small leaks matter.
Sources and notes
- Average debt balances and credit card APR: Experian consumer debt research, Q3 2024 data.
- Emergency savings figures: Empower research, April 2024.
- Spending on necessities: Bank of America Institute, internal data, 2024.
We refresh these figures when the sources publish new data. National averages are a reference point, not a target; your plan should fit your numbers, not the country's.
If your numbers feel heavier than these averages, that is exactly what coaching is for. Book a free Financial Freedom Assessment and we will help you find your starting point.