(NewsNation) — Americans have decreased their nonmortgage debt over the past year, but a new report from LendingTree shows major generational differences in how much debt people carry.
Researchers ***yzed more than 500,000 anonymized credit reports from residents of the 100 largest U.S. metro areas and found that median nonmortgage debt dropped 23.9% nationwide, from $24,668 last year to $18,762 this year.
Generation X holds the highest median debt of $26,207, even after a 22.6% drop from $33,859 last year. Millennials follow closely with $24,810, down 18.8% from $30,558.
Gen Z holds less overall, with an average of $12,715, but their debt has fallen by 23.2%. Baby boomers have the lowest median debt at $10,272, a decrease from $18,779.
The report found that Gen Xers are most likely to have auto debt, with 51% carrying a loan, and a median balance of $23,350. Millennials aren’t far behind, with 49.1% holding auto loans averaging $21.233.
When it comes to student debt, Gen Z is most likely to have it, with 38.1% of them holding it; however, Gen X carries the largest balances. While just 22.5% of Gen Xers have student loans, those who do owe a median of $33,988, which is more than double the median of $13,391 for Gen Z.
Overall, credit card debt remains common across all generations. Baby boomers are the most likely to carry a balance, with 92.6% reporting credit card debt. Even the youngest adults aren’t exempt; 70.2% of Gen Zers have credit card debt.
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