Hold on tight: America has officially smashed through the $1.13 trillion credit card debt ceiling, and the financial strain is hitting home with the average family now carrying over $7,300 in revolving balances.
Key Takeaways
- As of Q2 2024, total U.S. credit card debt outstanding reached $1.13 trillion, a record high surpassing previous peaks.
- In 2023, revolving consumer credit, primarily credit cards, totaled $1.07 trillion at year-end.
- Credit card debt grew by $48 billion in Q1 2024 alone, contributing to the surge in household debt.
- The average American household carries $7,321 in credit card debt as of 2024.
- Average credit card balance per cardholder was $6,501 in Q1 2024.
- U.S. consumers averaged $6,088 in credit card debt per borrower in 2023.
- 45% of Americans aged 18-24 carry credit card debt averaging $2,850.
- Millennials (28-43) have average credit card debt of $5,400, highest among generations.
- Gen X (44-59) holds 29% of total credit card debt, averaging $9,100 per household.
- Credit card debt grew 10.7% YoY in Q2 2024, fastest in 20 years.
- Balances increased $140 billion from Q2 2023 to Q2 2024.
- Credit card usage surged 12% post-pandemic by 2023.
- Year-over-year delinquency rate for cards hit 3.18% in Q2 2024.
- Serious delinquency (90+ days) rose to 10.9% for subprime in Q1 2024.
- 9.1% of card balances were 30+ days delinquent in Q2 2024.
American credit card debt hits record highs as interest rates and living costs surge.
Average Balances
- The average American household carries $7,321 in credit card debt as of 2024.
- Average credit card balance per cardholder was $6,501 in Q1 2024.
- U.S. consumers averaged $6,088 in credit card debt per borrower in 2023.
- Average household credit card debt hit $7,496 by end of 2023.
- Per adult American, average credit card debt is $5,910 as of 2024.
- Average balance on credit cards rose to $6,637 for those with debt in 2023.
- The typical U.S. credit card holder owes $6,280 on average in 2024.
- Average credit card debt per household was $6,849 in Q4 2023.
- Consumers with credit card debt averaged $9,227 balances in late 2023.
- Average American's credit card debt stands at $6,358 per cardholder in 2024.
- Household average credit card balance reached $8,305 for indebted homes in 2024.
- Per capita credit card debt averages $4,512 among U.S. adults in 2023.
- Average outstanding balance per active credit card was $2,450 in Q1 2024.
- U.S. households with cards average $7,321 in debt, up 5% YoY in 2024.
- Average debt for Gen Z cardholders is $3,148 as of 2024.
- Millennials average $5,903 in credit card debt per person in 2023 data.
- Average balance for those in debt is $6,797 per WalletHub 2024 analysis.
- Typical credit card debt per household hit $7,000+ in mid-2024.
- Average U.S. consumer credit card balance is $6,234 for open accounts.
- Per borrower average rose to $7,152 in Q4 2023 per Experian.
- Average household debt from cards is $6,501 amid rising costs.
- U.S. adults average $5,475 in credit card balances in 2024 surveys.
- Average per cardholder debt climbed to $6,910 by early 2024.
- Indebted households average $9,500 in credit card balances 2024.
- Average balance per revolved account is $2,800 in Fed data.
- Credit card debt averages $7,321 for U.S. families per NerdWallet.
- Average consumer debt level is $6,088 up 4.7% YoY in 2023.
- Per adult average credit card debt is $4,910 in WalletHub metrics.
- Average household credit card debt reached $8,120 for millennials.
- Boomers average $6,632 in credit card debt per Experian 2023.
- Gen X households average $9,258 in card debt 2024 data.
- Credit card debt averages $3,632 for lowest income quartile.
- High-income earners average $10,452 in credit card balances.
- Single adults average $5,128 in credit card debt vs. married $7,892.
- Average debt in South region is $6,745 per household.
- Northeast averages $7,234 in credit card debt per consumer.
- Credit card balances average higher at $6,889 in urban areas.
Average Balances Interpretation
Collectively, we're financing the present by mortgaging the future, with the average American household carrying over $7,000 in credit card debt—a number that feels less like a statistic and more like a monthly emergency.
Delinquency and Payment Statistics
- Year-over-year delinquency rate for cards hit 3.18% in Q2 2024.
- Serious delinquency (90+ days) rose to 10.9% for subprime in Q1 2024.
- 9.1% of card balances were 30+ days delinquent in Q2 2024.
- Charge-off rates reached 4.89% annualized in Q1 2024.
- Average APR on cards hit 21.47% in Q2 2024, boosting delinquencies.
- 18% of cardholders made minimum payments only in 2023 surveys.
- Bankruptcy filings linked to cards up 14% YoY in 2023.
- Over-limit fees affected 5% of accounts, worsening debt.
- Recovery rates on charged-off cards fell to 40% in 2023.
- 30-day delinquency for prime borrowers at 5.8% Q1 2024.
- Subprime delinquency spiked 50% since 2021 to 11.2%.
- Gen Z delinquency rate highest at 12.3% in 2023.
- Minimum payments average 4% of balance, extending payoff 20 years.
- Late fees averaged $41 per incident, hitting 8 million accounts monthly.
- 90-day delinquency doubled for new accounts in 2023.
- Cards in collections rose 25% to 70 million in 2023.
- Payment rates dropped to 96.2% on-time in Q2 2024.
- Interest payments on cards totaled $130 billion annually 2023.
- 26% of debtors fear inability to pay in next year per 2024 survey.
- Charge-offs hit $45 billion projected for 2024 full year.
- Delinquency for balances over $1k at 4.2% Q1 2024.
- Auto-pay usage at 65%, reducing delinquency by 30%.
- Southern states have 11% delinquency rate vs. national 8.5%.
- Low-income delinquency at 15%, high-income 3%.
- Millennial payment struggles up 18% YoY.
- Debt settlement usage rose 22% amid delinquencies 2023.
- Average time to pay off $6k debt at 18 months if minimums.
- 7% of cards 60+ days past due in subprime segment Q2 2024.
- On-time payments fell 2% YoY to 91% for all accounts.
- Projected charge-off rate 5.1% for 2024 per NY Fed.
- 35% of delinquents are repeat offenders within 2 years.
- Interest compounding adds $1,200/year on average $6k balance.
- Bankruptcy mentions in credit reports up 16% tied to cards.
- Delinquency migration rate to 90+ days at 25% in 2023.
Delinquency and Payment Statistics Interpretation
This entire credit card system appears to be a high-interest game of musical chairs where a distressingly large and growing portion of the players are discovering there aren't nearly enough seats left when the music stops.
Demographic Statistics
- 45% of Americans aged 18-24 carry credit card debt averaging $2,850.
- Millennials (28-43) have average credit card debt of $5,400, highest among generations.
- Gen X (44-59) holds 29% of total credit card debt, averaging $9,100 per household.
- Baby Boomers average $6,800 in credit card debt, with 42% utilization rate.
- Silent Generation has lowest debt at $4,200 average but high interest burdens.
- Women carry 32% more credit card debt than men on average, $6,200 vs $4,700.
- Men aged 30-49 have highest average balance at $7,500 per Experian data.
- Lowest income (<$25k) have 55% delinquency but average $3,200 debt.
- High-income (>$100k) households average $11,200 in card debt.
- Middle-income ($50k-$100k) carry $6,900 average credit card debt.
- Single parents average $8,450 in credit card debt, 20% above couples.
- Married couples average $7,650 per household in revolving debt.
- Hispanic Americans average $5,950 in credit card debt, up 12% YoY.
- Black households average $6,250 credit card debt vs. white $5,800.
- Asian Americans have lowest average at $4,320 but highest limits.
- Southern states like Texas average $7,120 household card debt.
- New York residents average $8,450 in credit card balances.
- Rural Americans average $5,670 vs. urban $7,210 in card debt.
- College graduates average $4,890 in debt, non-grads $6,120.
- Homeowners average $8,200 card debt vs. renters $5,400.
- 18-29 year olds: 44% have debt averaging $3,100.
- 30-49: 52% carry average $7,200 credit card debt.
- 50-64: Average $6,950, with 48% utilization.
- 65+: Lowest participation but $5,320 average debt.
- Low-education (HS only) average $5,750 card debt.
- Veterans average 15% higher debt at $6,950.
- LGBTQ+ individuals average $7,120 card debt per surveys.
Demographic Statistics Interpretation
The American dream appears to be increasingly bought on credit, with debt tiers meticulously assigned by generation, income, and zip code as if it were a grueling loyalty program with compounding interest.
Total Debt Amounts
- As of Q2 2024, total U.S. credit card debt outstanding reached $1.13 trillion, a record high surpassing previous peaks.
- In 2023, revolving consumer credit, primarily credit cards, totaled $1.07 trillion at year-end.
- Credit card debt grew by $48 billion in Q1 2024 alone, contributing to the surge in household debt.
- By mid-2024, U.S. credit card balances hit $1.12 trillion, up 15% from pre-pandemic levels.
- Total credit card debt increased by 8.4% year-over-year to $1.08 trillion in Q4 2023.
- As of March 2024, outstanding credit card debt stood at $1.115 trillion according to Federal Reserve data.
- U.S. households carried $1.082 trillion in credit card debt entering 2024.
- Credit card debt peaked at $1.13 trillion in June 2024, the highest since 2008 adjusted for inflation.
- From 2022 to 2023, total credit card debt rose from $917 billion to $1.07 trillion.
- Q3 2023 saw credit card balances reach $1.063 trillion, up $84 billion from Q3 2022.
- By Q4 2022, total revolving debt was $956 billion, largely credit cards.
- Credit card debt totaled $1.11 trillion in Q1 2024, per NY Fed household debt report.
- U.S. credit card debt hit $1.082 trillion in December 2023.
- From pandemic lows, credit card debt rebounded to $1.13 trillion by summer 2024.
- Total credit card balances grew 17% since 2021 to $1.13 trillion in 2024.
- As of 2023 year-end, credit card debt was $1.07 trillion, per Fed G.19 report.
- Q2 2023 credit card debt was $1.027 trillion, up significantly from prior quarters.
- Household credit card debt portion of total debt was $1.11 trillion in early 2024.
- Credit card debt reached $1.08 trillion by end of 2023, a post-2008 high nominally.
- Total U.S. credit card debt surged to $1.13 trillion amid inflation pressures in 2024.
- In Q4 2023, revolving credit balances were $1.070 trillion.
- Credit card debt totaled over $1 trillion continuously since Q3 2023.
- By April 2024, total balances hit $1.12 trillion per latest Fed data.
- U.S. credit card debt grew to $1.13 trillion, representing 3.2% of disposable income.
- Total debt from credit cards was $1.082 trillion as 2024 began.
- Q1 2023 saw $1.013 trillion in credit card debt.
- Credit card portion of consumer debt reached $1.13 trillion peak in 2024.
- From 2019 to 2023, total credit card debt increased 35% to $1.07 trillion.
- As of late 2023, outstanding credit card debt was $1.07 trillion per Fed stats.
- Total U.S. credit card balances stood at $1.11 trillion in March 2024.
Total Debt Amounts Interpretation
Americans are expressing their economic confidence one swipe at a time, collectively building a monument of plastic debt that now towers over a trillion dollars.
Usage and Growth Trends
- Credit card debt grew 10.7% YoY in Q2 2024, fastest in 20 years.
- Balances increased $140 billion from Q2 2023 to Q2 2024.
- Credit card usage surged 12% post-pandemic by 2023.
- New account openings rose 8.2% in 2023 amid debt buildup.
- Spend on cards hit $2.8 trillion annually in 2023.
- Utilization rates climbed to 49% average in Q1 2024.
- Debt growth accelerated 16% for subprime borrowers in 2023.
- Credit limits expanded 7% YoY but balances faster at 11%.
- 56 million Americans increased card balances in past year.
- Inflation drove 22% of debt growth in groceries category 2023.
- Balances per card rose 5.4% to $2,450 in 2024.
- Convenience checks usage up 15%, adding to debt.
- Cash advances increased 9% YoY, fueling balances.
- Online purchases drove 65% of card spend growth 2023.
- Revolving balances share of credit rose to 27% in 2024.
- Debt per capita up 12% since 2021 to $3,400.
- Subprime utilization hit 70%, prime at 45% in 2023.
- New debt issuance grew 18% for Gen Z in 2023.
- Average spend per transaction up 8% to $92 in 2024.
- Cards in wallet average increased to 3.9 per person.
- Balance transfers down 5% as rates rose in 2023.
- Rewards card usage up 20%, but debt higher too.
- Pandemic savings depletion led to 25% debt spike 2022-23.
- Grocery spend on cards up 14%, gas 11% in 2023.
- Limit increases averaged $1,200 per cardholder 2023.
- Debt growth slowed to 6% in Q3 2023 from 11% prior.
- Superprime borrowers grew balances 9% YoY 2024.
- Overall credit card originations up 4.2% in 2023.
- Utilization over 90% for 12% of cardholders in 2024.
Usage and Growth Trends Interpretation
Americans appear to be living the "points and perks" dream, only to find it has rather quickly morphed into a record-breaking, high-interest, and collectively concerning debt nightmare.
Sources & References
- Reference 1FEDERALRESERVEfederalreserve.govVisit source
- Reference 2NEWYORKFEDnewyorkfed.orgVisit source
- Reference 3LENDINGTREElendingtree.comVisit source
- Reference 4EXPERIANexperian.comVisit source
- Reference 5FREDfred.stlouisfed.orgVisit source
- Reference 6BANKRATEbankrate.comVisit source
- Reference 7CNBCcnbc.comVisit source
- Reference 8TRANSUNIONtransunion.comVisit source
- Reference 9NERDWALLETnerdwallet.comVisit source
- Reference 10WALLETHUBwallethub.comVisit source
- Reference 11FORBESforbes.comVisit source
- Reference 12CBSNEWScbsnews.comVisit source
- Reference 13VAva.govVisit source
- Reference 14FITCHRATINGSfitchratings.comVisit source