The net result is that the fortysomethings with debt in our survey owed the most on these four types of debt – an average close to $650,000. People in their 30s with debt owed an average of $644,000 or so, putting them in second place.
, as did 15 per cent of people aged 70 and up. Average balances for people with these loans in these two age groups was well above $100,000. Mortgage debt is almost a given in your 30s and 40s, but the overall percentage of survey participants who had a mortgage was 46.5 per cent. Close to 20 per cent reported HELOC debt, 21 per cent noted credit card debt and 20 per cent reported other debts, such as a loan for a car or another purpose.
rates stand out for being expensive. Low-rate cards charge 11.99 to 13.99 per cent a year, while conventional cards usually charge 19.99 per cent or 20.99 per cent. The survey results show that HELOC use is far from rampant – close to 20 per cent of participants on average reported a balance on their credit line, with those 50 to 59 in the lead at almost 27 per cent and twentysomething Gen Zs trailing at 4.1 per cent.
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