What Is the Average Credit Card Debt In America

Credit card debt is a significant financial burden for many Americans. The average credit card debt in the US is $6,270, and some 75% of Americans have more than a $0 balance on their credit cards. As we move into 2022, we must keep these trends in mind. If you're carrying credit card debt, now is an excellent time to start working on paying it off.

And if you're not carrying any debt at all, now is a great time to start building up your savings so that you're prepared for any unexpected expenses that might come your way. In this post, we will cover the average credit card debt in America, the top credit card debt statistics, and cover credit card debt by race, gender, age, education level, and state.

Top Credit Card Debt Statistics

  • The average American credit card debt is $6,270.
  • In the United States, around 41% of households have credit card debt.
  • According to the federal reserve bank, as of March 2022, the total amount owed on credit cards in the United States is $841 billion.
  • As of 2022, Americans have aggregate credit limits of $4.12 trillion, which is $224 billion more than before the pandemic.
  • America's outstanding credit card debt has dropped by $15 billion since the fourth quarter of 2021.
  • 75% of Americans have a card balance that's greater than $0
  • In the United States, approximately 95% of people have a credit card account under their name.
  • According to a recent poll, 56.3% of people carry credit card debt from month to month.
  • 54% of credit card debt is carried month to month by Americans
  • 15% of American Adults have been in credit card debt for 15 years.
  • Americans aged 40 to 55 had the most credit card debt, while those over 75 had the least.

Average Credit Card Debt In America

What Is The Average Credit Card Debt In America?

The average credit card debt in America is $6,270, and some 41% of American households have credit card debt.  The average credit card interest rate is currently 18.62%, which means that the average American with credit card debt is paying $1,167 in interest annually.

What Is The Outstanding Credit Card Debt In America?

The current outstanding credit card debt in America is $860 billion.

How Many Americans Have A Credit Card Balance?

75% of Americans have a card balance that's greater than $0

How Many American Adults Own A Credit Card?

The majority of people (about 95%) have a credit card account in their name.

What Percent of Americans Carry Credit Card Debt From Month To Month?

approximately 54% of Americans carry credit card debt from month to month and 15% of Americans have been in credit card debt for 15 years.

How Many Americans Are Currently Delinquent with Their Credit Card Payment?

Approximately 22% of credit cards are currently in default. According to the latest Fed delinquency rate, the rate rose by 1.54% to 1.82% during the first quarter of 2021 to 1.54%. This marks the fourth straight increase in earnings. Nevertheless, the rate of juvenile delinquency remained near historic lows. Prior to that time, rates had not dropped less than 2 percent after monitoring began. It's a huge contrast to the period when the deficit jumped nearly 3% in 2009.

How Much Is A Lot Of Credit Card Debt?

What amount of debt do we have? In fact, we believe all debt is excessive. However, ideally, you can never spend over 10 percent on credit cards.

Average Credit Card Debt By State

Despite the challenges caused by the pandemic, countless Americans still prioritize saving money and repaying their debts. Here's a look at which states have the highest average debt. The highest credit card debts were at $7089 in Alaska, while the lowest was at $4819. States having the highest average credit cards debt: States having the lowest average credit cards debt:

State
Average Credit Card Debt
Alabama
$5,672
Alaska
$8,026
Arizona
$6,053
Arkansas
$5,327
California
$6,222
Colorado
$6,416
Connecticut
$7,082
Delaware
$6,335
District of Columbia
$7,077
Florida
$6,460
Georgia
$6,569
Hawaii
$6,673
Idaho
$5,213
Illinois
$6,253
Indiana
$5,254
Iowa
$4,774
Kansas
$5,769
Kentucky
$5,140
Louisiana
$5,811
Maine
$5,442
Maryland
$6,946
Massachusetts
$6,213
Michigan
$5,399
Minnesota
$5,489
Mississippi
$5,134
Missouri
$5,601
Montana
$5,482
Nebraska
$5,423
Nevada
$6,220
New Hampshire
$6,235
New Jersey
$7,084
New Mexico
$5,851
New York
$6,491
North Carolina
$5,832
North Dakota
$5,265
Ohio
$5,560
Oklahoma
$5,848
Oregon
$5,498
Pennsylvania
$5,840
Rhode Island
$6,177
South Carolina
$5,938
South Dakota
$5,235
Tennessee
$5,688
Texas
$6,753
Utah
$5,600
Vermont
$5,466
Virginia
$6,969
Washington
$6,156
West Virginia
$5,144
Wisconsin
$4,961
Wyoming
$5,782


Average Household Credit Card Debt In America

What Is The Average American Credit Card Debt Per Household?

The average US credit card debt is $6,270, according to a recent survey of US consumers. In a recent study, credit card debts were calculated using the average number of households in 2019 (22.8 million households).

What Percent Of Families Are In Credit Card Debt?

45.4% of families carry some sort of credit card debt.

How much debt does the average person have?

According to Experian, American consumers owe about $97.2727 to a bank. Consumer debt consists of various credit, personal, and business loans, including credit cards and auto loans. This is pretty scary when the average household income is only $58,952.

How Much Are The Average Monthly Credit Card Payments

The average minimum monthly payment for credit cards is about $110.50 per month.

Average Credit Card Debt By Age & Generation

What Age Group Has The Most Credit Card Debt?

At $7,236, Americans between the ages of 40-55 also known as Generation X,  have the most credit card debt.

What Age Group Has The Least Amount Of Credit Card Debt?

Americans between the ages of 18-23, known as Generation Z, have the lowest amount of credit card debt at $2,312 on average.

Average Credit Card Balance By Generation

Despite their age, Americans love using credit cards - and it's evident. The average credit card debt is $6,270 across all generations. Generation Z is the youngest group, with an average card balance of $2,312. Millennials follow with an average balance of $4,569. Generation X has the highest average balance at $7,236, while Baby Boomers have the lowest average bill at $6,230. The Silent Generation (those aged 75 and above) have the second-lowest mean amount at $3,821.

  • Generation Z (18-23): $2,312
  • Millennials (24-39): $4,569
  • Generation X (40-55): $7,236
  • Baby Boomers (56-74): $6,230
  • Silent Generation (75+): $3,821

Average Credit Card Debt By Income        

American people who earn more are usually carrying larger credit card accounts. However, Generally speaking, there is an increased likelihood that middle-income people are in debt. In American households with the median age of 60 and 79, 56% are in debt via credit card payments. 55% of people in the 40 through 59 income percentile had debt on credit cards. The Americans with highest (91st to 96nd) and lowest (under 20th) income percentiles have the lowest chance to hold an average balance. Almost half of the population is in debt.

Average Credit Card Debt By Education Level

College graduates have an average of $8,200 in credit card debt. Those who went to college but did not graduate have $4,700 in debt. High school grads only owe an average of $4,600 according to statistics from the Federal Reserve, the Consumer Financial Protection Bureau and Experian.

People with college degrees carry higher credit card balances, even though only 43% carry credit card debt, compared with 52% who have some college and 47% who ended their education after high school.

Key Statistics:

  • According to a 2018 Experian study, college graduates ages 22 to 26 had an average of $3,521 in credit card debt.

Average Credit Card Debt By Race

People who identified as white (with no Hispanic origin) reported their families carried an average of $6,940 in credit debt — the highest amount of any racial group. They were followed by "other" — which includes Asians, American Indians and people who identify as multi-racial — with an average credit card debt of $6,320. Black households carried the least debt with an average of $3,940, which is 37% lower than the nationwide average.

Covd19 And Credit Card Debt Statistics        

How Has The Covid19 Pandemic Affected Credit Card Debt In America?

The coronavirus pandemic pushed credit card debt up by 42% of U.S. adults, according to a recent poll. Inflation (48%) and income loss (34%) were the top two debt causes, according to a 2018 survey. During the epidemic, many customers struggled to pay their credit card bills on time.

More than a fifth of credit card users (21%) paid late at least once during the outbreak, with parents of young children (45%), millennials (42%), persons earning less than $35,000 annually (36%), and women (33%) paying more late payments than other people.

How Were Credit Card Limits Affected By Covid 19?

Card closures and credit limit cuts were common at the start of the pandemic, and some card issuers continue to do so. In the past 6 months, 14% of cardholders say their credit card issuer slashed the limit on one of their cards, and 13% say their card was closed involuntarily by the issuer.

Were Credit Scores Impacted By Covid 19?

More than one-fifth of consumers (22%) have never checked their credit score during the pandemic, while others saw their scores rise. Despite the fact that many Americans were facing severe economic problems, 30% claim that their credit ratings are now higher than they were at the beginning of the epidemic.

With credit scores going up most consumers are interested in a balance transfer card because they can usually find a credit card company that offers 0% interest.  This means balance transfer credit cards can be a great way to lower their overall debt.

Conclusion

Taking Action

These statistics easily prove that credit card debt is a significant issue in America, and it doesn't help that more than 40% of families are in debt. And along with student debt, college graduates have the most credit card debt on average.

The Covid19 pandemic has significantly impacted credit card debt, with 21% of users paying late at least once during the outbreak. Card closures and credit limit cuts were standard at the start of the pandemic, and some card issuers continue to do so.

The average credit card balance by age group ranges from $2,312 (Generation Z) to $7,236 (Generation X). And African American households carry the least amount of debt.No one is safe from being in credit card debt, so it's crucial to pay your credit cards down and keep expenses low.

Frequently Asked Questions About Retail Credit Cards And Debt

How much does the average person have in credit card debt?

In the last decade, American families had an average credit card revolving debt of $6,270. These data were derived from a survey done in 2019. It is the most accurate measure of credit card debt in the US.

How much credit card debt does the average 30 year old have?

The average credit card debt for a 30-year-old is around $2216.According to Experian data, it costs a person about $4200 to have credit card debts.

How much is the average person in debt?

Although an individual American has approximately 90,460 debts, the total is covered by any type of consumer debt, from personal loans to credit card issuer partnership companies offering their version of a specific credit card.

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