Credit Over 30: How People Over 30 Manage Their Debt

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Turning 30 can be a significant moment in life. You probably have a job, live on your own and are working toward being, or already are, financially independent. But what does all that mean for your debt and credit?

U.S. adults over age 30, not surprisingly, carry more debt than those under 30—and they also have slightly above average credit scores.

To find out more about how debt and credit characteristics in consumers over age 30 compare with other age groups, Experian analyzed credit data from the fourth quarter of 2018. Read on for our insights and analysis.

People Over 30 Have Higher Average Credit Scores

While it might not come as a shock, people over age 30 have an average FICO® Score slightly above the national average and significantly higher than consumers younger than 30. Americans 30 and older have an average FICO® Score of 708, seven points above the national average of 701 and 49 points higher than consumers ages 18 to 29.

Breaking it down further, as age increased, so did credit scores. Average FICO® Scores continued to increase each year until consumers turned 77, at which point the average score hovered around the mid 750s.

People in Their 40s Carry the Most Debt

The average total debt balance for U.S. consumers over 30 is $102,753, according to Experian data for the fourth quarter of 2018. That figure is only $9,000 more than the national average of $93,446, but is nearly three times the average of $35,326 in total debt held by those under 30.

To get a clearer view of where debt is concentrated above the age of 30, here is a breakdown by age ranges:

Americans in Their 30s

Consumers between the ages of 30 and 39 carry an average of $106,555 in total debt and have an average FICO® Score of 671—30 points lower than the national average.

Americans in Their 40s

People in their 40s have the most debt of anyone over 30. They also have the second-lowest average credit scores. Americans between the ages of 40 and 49 have an average total debt amount of $137,150 and an average FICO® Score of 683—18 points lower than the national average.

Americans in Their 50s

As the 50s roll around, consumers' average debt amounts shrink and credit scores begin to increase. Those between the ages of 50 and 59 carry an average of $122,316 in total debt and have an average FICO® Score of 707—6 points above the national average and 24 points higher than consumers in their 40s.

Americans Above Age 60

Consumers 60 years old and above have the highest average credit scores and the lowest overall debt totals of all people over 30. These consumers carry an average of $70,633 in total debt and had an average FICO® Score of 745—44 points higher than the national average.

If you're over 30 and interested in learning more about your debt and credit, consider getting a free copy of your credit reports and scores to see what appears in your credit file. If you want to improve your credit scores, pay your bills on time every month, as payment history tends to be the biggest factor in credit scoring models. Also consider boosting your FICO® Score with Experian Boost®ø, a new tool that gives you credit for your on-time utility and telecom payments made through your bank account.

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.

FICO® is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

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