How many Americans are debt free?
Asked by: Marcus Mayert III | Last update: August 27, 2025Score: 5/5 (35 votes)
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.
What percentage of US citizens have debt?
Even though household net worth is on the rise in America (at $156 trillion at the end of 2023)—so is debt. The total personal debt in the U.S. is at an all-time high of $17.5 trillion. The average American debt (per U.S. adult) is $66,772, and 77% of American households have at least some type of debt.
What percentage of Americans are financially free?
Rising feelings of financial insecurity: Just 1 in 4 (25%) Americans say they are completely financially secure, down from 28% in 2023. Whereas 72% of Americans indicated they were not completely financially secure in 2023, that number has now risen to 75% in 2024.
How many people have no credit card debt?
That's a record-high percentage — the highest (tied with 2023) since Bankrate began asking the question in 2011. Additionally, 54 percent of U.S. adults have more in their emergency fund or savings, and 10 percent have no credit card debt and no savings.
At what age are most people debt free?
The Standard Route is what credit companies and lenders recommend. If this is the graduate's choice, he or she will be debt free around the age of 58. It will take a total of 36 years to complete. It's a whole lot of time but it's the standard for a lot of people.
Donald Trump’s spending freeze blocked by US judge | BBC News
What percent of Americans live paycheck to paycheck?
By that measure, around 30% of American households are living paycheck to paycheck, according to Bank of America's internal data. Further, 26% of households spend 95% or more of their income on necessities, the bank reports.
What's the average credit card debt in America?
U.S. households average about $6,100 in credit card debt, as inflation and high APRs strain finances. Oct. 8, 2024, at 10:05 a.m.
How many people have $50,000 in credit card debt?
Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year. Paying off that bill?
What is the average credit score in America?
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024.
Is $5,000 a lot of credit card debt?
$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month. However, you don't have to accept decades of credit card debt.
How many Americans have no savings?
Here's what we found: Two in five Americans (42%) don't have an emergency savings fund. Nearly as many (40%) couldn't cover a $1,000 emergency expense with cash or savings, though 60% said they'd had an unexpected expense pop up in the past year. The gender wealth gap is evident in our survey.
At what age should you be financially stable?
At what age should you be financially stable? Financial stability is more about maintaining control over your finances rather than hitting numbers at a specific age. However, aiming to attain stability by your late 20s to early 30s can be beneficial, allowing time for savings, debt reduction and investments.
Is the average American struggling?
CHICAGO – SEPT 17, 2024 – The Financial Health Pulse 2024 U.S. Trends Report, released today by the Financial Health Network, the leading voice on financial health, found that 70% of American households remain financially unhealthy with day-to-day financial realities worsening for many.
How broke is the average American?
Based on this metric, nearly two-thirds of Americans would be considered broke. According to CNBC and SurveyMonkey's financial security survey, 65% of adults across the country said they were living paycheck to paycheck as of 2024.
How much debt is normal?
According to Experian, average total consumer household debt in 2023 is $104,215. That's up 11% from 2020, when average total consumer debt was $92,727.
Who is the US most in debt to?
Japan and China have been the largest foreign holders of US debt for the last two decades. From 2000 to 2023, annual totals are based on data from December, while the 2024 data is updated through April.
How rare is an 800 credit score?
Even better, just over 1 in 5 people (21.2%) have an exceptional FICO credit score of 800 or above, all but guaranteeing access to the best products and interest rates.
Can I buy a house with a 705 credit score?
Home loans
Your credit score might be only one piece of your home mortgage application, but it's among the most critical. With a 705 credit score, you're well above the 620 baseline score needed to qualify for most home loans, but borrowers with a 740 score or higher will typically get a better interest rate.
How to get 900 credit score?
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
How much savings does the average American have?
According to the Federal Reserve's Survey of Consumer Finances (SCF) for 2022 (the most recent study released publicly), the average savings balance for people ages 64 and younger ranged from $20,540 to $72,520, with median balances ranging from $5,400 to $8,700.
How to pay off $60,000 in debt in 2 years?
- Figure out your budget.
- Reduce your spending.
- Stop using your credit cards.
- Look for extra income and cash.
- Find a payoff method you'll stick with.
- Look into debt consolidation.
- Know when to call it quits.
What is considered a lot of credit card debt?
If your result is less than 36%, your debt load is affordable, according to NerdWallet. If it's between 36% and 50%, consider taking action, such as consulting a nonprofit credit counseling service, to reduce your debt. 50% or more is “high risk,” NerdWallet says and suggests getting advice from a bankruptcy attorney.
What state has the lowest credit card debt?
In the first quarter of 2023, the Federal Reserve Bank of New York estimated total credit card debt for all Americans was $986 billion. Alaska residents carry the highest credit card debt, while residents of Iowa have the lowest per person.