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Americans in Their 30s Are Piling On Debt

Americans in their 30s are piling on debt due to the pandemic. Rapid inflation and higher interest rates are adding to their financial strain. Credit-card and student-loan debt has skyrocketed for this age group.

  • Americans in their 30s have racked up debt at a historic clip since the pandemic, with their total balances hitting more than $3.8 trillion in the fourth quarter.
  • Rapid inflation is forcing many to spend more, while Federal Reserve’s campaign has pushed up interest rates on credit cards and other types of loans.
  • Many millennials spent unplanned thousands of dollars on child care when schools closed and have been squeezed by higher rates and home prices.
  • The average credit-card balance for millennial borrowers was about $6,750 in January, up 26% from three years earlier.
  • The government moratorium on federal student-loan payments could expire as soon as this summer.
Americans in Their 30s Are Piling On Debt
The overall burden is up 27% since before the pandemic, more than for any other age group.