Baby boomers in Puerto Rico have the lowest personal loan balances, carrying an average of $10,158 in the second quarter of 2019, according to data released by consumer and business credit reporting and marketing services firm Experian data.
“While this balance is still twice the national average held by Generation Z, it’s 38% less than the national average across all generations,” the firm’s study showed.
Puerto Rico was followed by Washington, D.C. (which is home to the highest average student loan and mortgage balances), Hawaii, Kentucky and Alabama as the states with the lowest baby boomer personal loan debt.
When it comes to total average debt, baby boomers — people 55 to 73 years old — carry one of the highest overall burdens of any generation. But when broken out by types of debt, baby boomers only top the chart when it comes to personal loans.
Baby boomers hold the highest average personal loan balance of any generation, but it’s a figure that’s on the decline, Experian said. In the second quarter of 2019, boomers carried an average personal loan balance of $19,253, according to Experian data.
“That’s down 1% from the same time last year, but still remains the highest average personal loan balance held by any generation,” Experian Researcher Stefan Lembo-Stolba said in a blog entry.
That’s 18% more than the national average of $16,259 carried across all generations. It’s also more than three times the average debt amount carried by Generation Z, the youngest generation included and also the group of consumers who hold the least personal loan debt.
“The trend is clear when it comes to baby boomers: The generation’s debt is on the decline. Baby boomers seem to be quickly moving to a phase of life where their new debt is slowing, and overall balances are growing smaller. This can be seen across auto loans, credit cards and mortgage debt,” Lembo-Stolba said.