ST. LOUIS–Three-quarters of Americans are carrying some form of debt, with many reporting rising stress levels and significant impacts on their daily lives, according to a new survey by Clever.
The survey of 1,000 adults found 76% of Americans have debt, and among those, nearly half say financial strain tied to what they owe is affecting their day-to-day functioning.
Debt has become deeply embedded in modern financial life, the report said, shaped by the widespread use of mortgages, credit cards and newer borrowing tools such as buy now, pay later financing.
Key Findings
Among the key findings:
• 76% of Americans have some form of debt.
• 73% of those with debt say it is “normal,” and 62% believe it is sometimes necessary to get ahead financially.
• 77% say debt has held back or harmed their life.
• 50% say their debt-related stress has increased over the past year.
• 46% say stress tied to debt has affected their daily functioning.
Credit card debt is the most common form of borrowing, with 44% of Americans carrying balances, and it is also viewed as the most stressful and most regretted type of debt, Clever reported.
Additional Findings
Additional findings include:
• 87% of debt holders say they regret at least some of their debt.
• 58% of those with credit card debt express regret, along with 48% of those with student loans.
• 92% say they are making changes or sacrifices to manage their debt.
• 44% have missed or delayed a payment in the past year.
• 39% report having debt in collections.
The report also found debt is influencing major life decisions and relationships:
• 81% say debt has caused them to delay milestones such as buying a home or saving for retirement.
• 64% of those with debt—and 71% of those without—say they would not marry someone with significant debt.
• 23% of people in debt say they have lied to a partner or spouse about what they owe.
Wide Variances
In terms of balances, Clever reported it found median debt levels vary widely by category:
• Mortgages: $178,000
• Student loans: $34,000
• Auto loans: $18,000
• Personal loans: $7,500
• Credit cards: $6,000
• Medical debt: $5,600
• Buy now, pay later: $1,221
Generational differences are also pronounced. Millennials and Gen Z borrowers tend to carry higher balances in most categories, particularly mortgages and auto loans, while baby boomers report higher credit card balances on average, according to the Clever analysis.
Despite carrying less overall debt in some categories, older Americans are more likely to cite medical debt as their most stressful obligation.
