The average American with personal debt now owes $21,700, according to a new Northwestern Mutual study. But how that debt is distributed varies between generations.
Among boomers with debt, credit card debt is the most common (29%), followed by auto loans (11%) and medical bills (5%). While each presents different risks, credit card balances tend to do the most long-term damage because of high interest rates — which is why experts say they deserve special attention.
