Just scrolled through some debt stats and the numbers are kind of wild. Turns out the average American debt hit $22,713 last year, which is up from $21,800 the year before. Not including mortgages, obviously.

What got me was the generational breakdown. Gen X and millennials are carrying the heaviest load at $28,670 and $24,833 respectively. Meanwhile Gen Z is doing better at $16,478 and boomers are around $18,272. The average American debt keeps creeping up, and credit cards are the main culprit at 28% of total debt, followed by auto loans at 13%.

The thing that's concerning is how many people don't have a plan. More than 60% of millennials and Gen X say they have no specific strategy to pay off what they owe. And get this - 40% of people surveyed have zero emergency fund. Even those who do save only about half have enough to cover more than six months of expenses.

According to the Federal Reserve data, credit card balances are at their highest levels in over a decade. Combined with inflation and higher interest rates, it's creating this perfect storm where average American debt keeps rising while people feel less certain about managing it. The average person now spends 29% of their monthly income just paying down debt.