# Americans Are Drowning in Debt—Here's the Real Numbers

Average American personal debt just hit $22,713 in 2024 (excluding mortgages), up from $21,800 the year before. Yeah, that's the "good news"—it's still lower than the $30K peak in 2019, but the trend is moving the wrong direction.

Here's where it gets spicy: Credit card debt alone accounts for $1.13 trillion of total U.S. household debt ($17.5 trillion). That's 28% of all personal debt, with auto loans eating another 13%. And people are spending 29% of their monthly income just servicing this stuff.

The generational breakdown is brutal:
- Gen X: $28,670 (peak debt era)
- Millennials: $24,833 (still paying off student loans)
- Baby Boomers: $18,272
- Gen Z: $16,478 (but just getting started)

But here's the kicker—only 59% of borrowers have an actual plan to pay this down. That's down from 61% last year. Meanwhile, 40% have zero emergency savings, and the Fed says credit card delinquencies are at decade highs.

Inflation + higher interest rates = the classic debt trap. Prices up, borrowing costs up, savings shrinking. Welcome to 2024.