The JG Wentworth data is from June to August 2025 estimating a lifespan between ages 18 and 78. The life events in the study included: 2 mortgages, 4 cars, college and credit card debt.

The study found the average American will pay off $1,786,810.00 according to the report and of course, this number would vary from state to state.

Lone Star Professor and Economist, Hank Lewis, says some states are higher than others with Texas landing in the middle. “It has to do with how easy or how easy it is to get resources and material not just for building houses but also local property taxes and local desirability.” Lewis said.

The report also showed 2 peak debt increases, one at age 38 with the first home purchase ($320,092), along with college debt, and some credit cards possibly. The 2nd peak at age 61, with the second home purchase ($370,259) with most likely, less college debt and minimal credit cards.

“Typically, around their maximum level of income they’re going to earn so often times though more expensive, is more affordable.” Lewis explained.

Geography makes a stark difference, the report results showed, with states like, Hawaii facing a $2.57 million in lifetime debt while West Virginians pay just $1.39 million- driven largely by housing costs.

“Some of them, especially, California, Washington state, Massachusetts- they tend to have much higher paying jobs due to the higher costs of living.” the economist said.

As Americans go into the last week before Christmas and rack up more debt for a sweeter holiday season, Lewis recommends doing your best to stay within your means, sticking to a budget and to think twice before buying the most impulsive purchases. He says they can usually wait or just be avoided all together. For anyone looking to reduce their debt, he recommends calling a debt consolidator, so they can implement a 5-year plan to eliminate the dark cloud of debt that can hinder the American dream.

Your Health with Dr. Joe Galati