Americans in 100 of the largest metros now have a median non-mortgage debt of $18,762 across four generations—baby boomers, Gen X, millennials, and Gen Z—which is down 23.9 percent compared to $24,668 last year, financial services company LendingTree said in a June 24 report.
Non-mortgage debt includes personal loans, auto loans, credit cards, student loans, and other debt.
Gen Xers, aged 45 to 60 years, have the highest median debt at $26,207.
This was followed by millennials (29-44 years) with a debt of $24,810, Gen Zers (18-28) with $12,715, and finally baby boomers (61 to 79) with $10,272.
The median debt fell in all four generations, with baby boomers seeing the largest decline at 45.3 percent. For the remaining three generations, debt fell by around 18–23 percent….