Investments & Loans

Sometimes it is helpful to see how you are tracking against the national average with your money..

Credit Card debt

Does it surprise you that less than half of Americans (46%) carry credit card debt? It surprised me. Let’s have a look at the median level of debt. It is broken out as follows for the different age groups:

Less than 35, $1500
35-44, $2500
45-54, $2900
55-64, $2200
65-74, $2200
75+, $1000

How does your credit card balance compare? (If you are wondering, we only run a debit card in our household.. so our outstanding balance is always $0)

Mortgage Debt

Most people aim to have their mortgages paid off as they head into retirement..

Percentage of people with a mortgage..

Less than 35, 37.7%
35-44, 62.8%
45-54, 64.6%
55-64, 51%
65-74, 32.1%
75+, 18.7%

The statistic that 18% of the 75+ age group carry a mortgage blew my mind a little bit. I think I just had this picture of our elders as being debt free and living happily ever after.. (Did you see this article in our most recent speed links.. 102 year old man takes out 25 year mortgage?)

Median Mortgage Balances

Less than 35, $107k
35-44, $110k
45-54, $97k
55-64, $83k
65-74, $51k
75+, $31k

At least the oldies only have a median balance of $31k in their age bracket. So, how does you mortgage stack up? One stat that I looked for but could not track down (yet..), is the ratio of debt to income that people have in today. I have a suspicion this would be a lot higher today, than say, 30 years ago. And it is this type of statistic that might reveal what I suspect is the truth, that people are under a lot more subtle financial pressure because of high levels of personal debt, today than in days gone by.

So. How are your numbers? Are you in front of the curve?

References: 1, 2

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