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Americans in Their 60s Carry the Highest Average Personal Loan Debt

Personal loan debt in the U.S. reached $305 billion in the second quarter (Q2) of 2019, a 12% growth from Q2 2018, according to Experian data. Its growth rate continues to outpace other forms of debt as consumers young and old help push the numbers higher.

As part of our ongoing look at personal loan debt in the U.S., Experian analyzed the average personal loan debt carried by consumers ages 20 to 99 to find out who has the highest and lowest balances, and where different ages fall in comparison to the national average.

Personal Loan Debt Highest Among Consumers in Their 60s

Overall, 69-year-old consumers in the U.S. have the highest average personal loan balance at $20,003, according to Experian Q2 2019 data. This group also held the highest average balance in 2018 of $20,615.

In fact, the top three average personal loan balances in the U.S. are held by those in their 60s. The second- and third-highest average personal loan balances are claimed by 63-year-olds and 65-year-olds, respectively. Consumers in their 60s also had the highest average personal loan balance of all age groups at $19,572 in Q2 2019, the same position they held in 2018.

Personal Loan Debt Lowest Among Consumers in Their Early 20s

On the other end of the spectrum, 20-year-olds carry the lowest average personal loan balance of any age at $3,367, according to Experian Q2 2019 data. They were followed by 21-year-olds and 22-year-olds, who had the second- and third-lowest balances, respectively.

While 20-year-olds maintain the lowest average personal loan debt among adult U.S. consumers, their balances are rising. These consumers' average loan balance had the highest percentage growth at 10% year over year from Q2 2018.

Average Personal Loan Debt Increases by Age

The average personal loan debt for borrowers ages 43 to 81 was consistently above the national average of $16,529, according to Experian data. Indeed, personal loan balances tend to increase with age until age 82, when they begin to decline—the same year balances start to dip below the national average.

Consumers in Their 20s

Consumers in their 20s carried an average personal loan balance of $6,901 in Q2 2019. That's up 10% from an average of $6,293 in Q2 2018, according to Experian data.

Personal Loan Debt Among Consumers in Their 20s
AgeAverage Personal Loan Debt
20$3,367
21$4,152
22$5,205
23$5,982
24$6,763
25$7,369
26$8,027
27$8,669
28$9,440
29$10,034

Source: Experian Q2 2019 data

Consumers in Their 30s

Consumers in their 30s had an average personal loan balance of $13,382 in Q2 2019. That's up nearly 5% from an average of $12,769 in Q2 2018.

Personal Loan Debt Among Consumers in Their 30s
AgeAverage Personal Loan Debt
30$10,788
31$11,296
32$12,285
33$13,032
34$13,495
35$13,788
36$14,322
37$14,571
38$14,863
39$15,375

Source: Experian Q2 2019 data

Consumers in Their 40s

The average personal loan balance among consumers in their 40s was $16,763 in Q2 2019. That's up 1% from an average of $16,549 in Q2 2018 and is almost equal to the national average of $16,529.

Personal Loan Debt Among Consumers in Their 40s
AgeAverage Personal Loan Debt
40$15,617
41$15,822
42$16,169
43$16,654
44$16,650
45$16,972
46$17,019
47$16,970
48$17,869
49$17,889

Source: Experian Q2 2019 data

Consumers in Their 50s

The average personal loan balance among consumers in their 50s was $18,390 in Q2 2019. That's slightly up from an average of $18,302 in Q2 2018.

Personal Loan Debt Among Consumers in Their 50s
AgeAverage Personal Loan Debt
50$17,807
51$17,757
52$18,096
53$18,574
54$18,266
55$18,393
56$18,576
57$18,503
58$19,053
59$18,870

Source: Experian Q2 2019 data

Consumers in Their 60s

Consumers in their 60s carried an average personal loan balance of $19,572 in Q2 2019. That's down 1% from an average of $19,744 in Q2 2018 but still tops all other age groups analyzed here.

Personal Loan Debt Among Consumers in Their 60s
AgeAverage Personal Loan Debt
60$19,402
61$19,021
62$19,327
63$19,952
64$19,267
65$19,896
66$19,653
67$19,557
68$19,638
69$20,003

Source: Experian Q2 2019 data

Consumers in Their 70s

The average personal loan balance among consumers in their 70s was $18,494 in Q2 2019. That's down 3% from an average of $19,146 in Q2 2018.

Personal Loan Debt Among Consumers in Their 70s
AgeAverage Personal Loan Debt
70$19,597
71$19,857
72$19,451
73$18,705
74$18,600
75$18,164
76$19,367
77$17,616
78$16,498
79$17,086

Source: Experian Q2 2019 data

Consumers in Their 80s

Consumers in their 80s carried an average personal loan balance of $14,571 in Q2 2019. That's down 6% from an average of $15,536 in Q2 2018.

Personal Loan Debt Among Consumers in Their 80s
AgeAverage Personal Loan Debt
80$17,062
81$17,181
82$15,556
83$15,115
84$14,436
85$16,576
86$12,196
87$13,327
88$12,839
89$13,223

Source: Experian Q2 2019 data

Consumers in Their 90s

The average personal loan balance among consumers in their 90s was $13,899 in Q2 2019. That's down 1% from an average of $14,083 in Q2 2018.

Personal Loan Debt Among Consumers in Their 90s
AgeAverage Personal Loan Debt
90$13,392
91$12,951
92$15,823
93$13,699
94$12,685
95$17,152
96$11,747
97$12,492
98$14,384
99$14,665

Source: Experian Q2 2019 data


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Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO® Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data.

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