Millennials surpass Gen X in share of US debt, Equifax report shows
EFX•Millennials held 36.8% of U.S. debt in May 2026, surpassing Gen X at 35.9%, with mortgage borrowing driving the shift. Gen Z’s debt share rose to 5.2%, while the report also cited rising delinquency among Ontario mortgage holders and limited traditional credit repayments among young U.K. buy now, pay later users.
1. U.S. debt shares
Equifax’s first-half 2026 report put Millennials’ share of U.S. debt at 36.8% in May, above Gen X’s 35.9%. Mortgages account for 70% of Millennial debt, and 30% of Millennial borrowers hold a mortgage. Gen Z was the fastest-growing U.S. credit demographic, with its debt share rising from 4.8% in January to 5.2% in May.
2. Other credit trends
Among Ontario mortgage holders, non-mortgage delinquency rose 27% year over year, compared with 2% elsewhere in Canada. In the U.K., 29% of buy now, pay later users aged 18 to 24 made no traditional credit repayments in 2025.
