I’m 27 with $80k in debt (a mix of student loans, credit cards, car loan) and I’ve been working for 6 months trying to pay it all down.
Honestly, this number keeps me up at night. I’m curious, what’s the average debt for someone in their mid to late 20s in 2024? I know everyone’s situation is different, but I feel like the internet gives so many different answers.
The average for our age group is around $78k, but overall, the average American has about $90k in debt. I’m 29 and I’ve got $35k now after paying off my car. The remaining $35k is student loans and credit card debt.
I’ve been in a similar boat… have you considered consolidating?
Thankfully, my credit card loans are at 0% APR until August 2025, so I’m working hard to clear them before any interest kicks in.
I’m no financial expert, but the type of debt really does matter. Credit card debt and high-interest student loans? Not good. But low-interest car loans, home loans, and federal student loans are a part of life and can be seen as investments, as long as you can make payments and still save. I feel you though— it’s tough, but not uncommon.
I’m 27 with $110k. Started the year at $140k, but I was paying the minimums for three years so my wife could finish school debt-free. Now we’re both working and paying it down. My debt includes student loans, two car loans, and a $19k personal loan from credit card spending in my early 20s. It doesn’t keep me up at night, but I do stress about what would happen if either of us lost our job. We’re aiming to have it all paid off by October 2026.
You’ve got this! That’s not too long in the grand scheme. I believe in you two! 
Debt amount really depends on personal habits, spending, and discipline. $80k is high but still not as bad as some with much more. I’m 31 and have $51k in car/consumer debt. Honestly, comparing myself to your situation makes me feel better, and you can always look at someone with $200k and feel like you’re doing great. It’s all perspective. Get a plan in place and start knocking it down. I put $1,200 a month towards debt to pay it off as quickly as I can.
I’m 27 and have around $675k in debt… perspective is everything, though, and comparing just by age doesn’t really work.
How did you rack that up, if you don’t mind me asking? No worries if you’d rather not share.
He had us all going there at first!
I’ve rechecked my balances and I’m closer to $660k now. Here’s the breakdown:
House #1 Mortgage: $370k at 2.95%
Duplex Mortgage: $220k at 3.15%
HELOC: $60k at 9.25% (variable)
Student Loans: $12k at around 5%
No credit card debt, no car loans.
The HELOC was $95k, which we used as a down payment for House #1 using the Duplex as equity. We’ve been paying it down aggressively while it’s in the draw period (interest only) for the next 7 years.
Sounds like a solid plan long-term! You’re definitely on the right track with paying down that HELOC. 
Yeah, debt doesn’t always have to be a bad thing. Especially with those low rates. Well done.
At your age, I had around $200k in debt from a mortgage and car payments. I made extra payments early on, but when my kids started daycare, that money had to go there instead. It felt impossible to save, and I was constantly worried we were just barely getting by.
Thankfully, my wife and I both had good jobs and saw career growth, so the debt became more manageable over time. Honestly, I stopped feeling stressed about it as the years went by. We were able to stay disciplined, avoid credit card debt, pay off car loans, and even pay off our house while saving. Just focus on paying down the highest interest debt first and chipping away at it. You’ll get there!
Debt-free and 47 now. Good luck!
I’m a 27-year-old woman with about $21k in debt, but $15k of that is my car loan. I was fortunate to live at home without rent or major expenses until recently, which helped me pay off my previous cars and a chunk of my student loans. I’m on track to pay off the rest of my student loans by the time I turn 28, and my car should be paid off before I’m 30.
I’m 30 and have $60k in debt split between my car loan and student loans. No credit card debt anymore, thankfully! I’m really just focused on getting the car paid off. The student loans? Eh, they can wait.
I’m 24 with $70k in debt from my car and credit cards. Luckily, I’ve been able to pay for school as I go, so no student loan debt. I’ve got a plan to pay this off though. A few years ago, I got my first “adult” job and ended up buying a bunch of stuff I didn’t need.
Have you thought about working with a non-profit debt management company? They help with credit card debt and sometimes student loans. They negotiate with creditors to lower your interest rates for a small monthly fee. It can really help, but keep in mind your credit score might take a hit and your accounts could be closed. Still, it’s an option worth looking into if you’re struggling to manage everything on your own.
This sounds like it was pulled straight from a ChatGPT answer 
But seriously, your credit score doesn’t always drop with debt management plans. I went through one with my credit card debt and my score actually went up after showing it as ‘payoff’ on my report.