Summary
- • The total outstanding U.S. consumer credit card debt is over $1 trillion.
- • The average credit card debt per household in the U.S. is $8,398.
- • 34% of Americans have credit card debt.
- • About 43% of Americans have carried credit card debt for two or more years.
- • The average APR on credit cards is around 16%.
- • Across all credit card accounts, the average credit card balance is $5,315.
- • Credit card delinquency rates are highest for younger generations, with Gen Z having a delinquency rate of 11.57%.
- • About 41% of credit card debt gets paid in full each month.
- • 6 out of 10 Americans have carried credit card debt for over a year.
- • Credit card debt is the third-largest source of household indebtedness in the U.S., after mortgage debt and student loan debt.
- • The average American has four credit cards.
- • 23% of Americans have maxed out their credit cards.
- • The average credit card debt for individuals aged 18-33 is $5,808.
- • 76% of Americans said that credit card debt has a negative impact on their overall financial stability.
- • Approximately 25% of Americans carry balances on their credit cards regularly.
Got your credit card handy? Well, so do Americans, to the tune of over $1 trillion in total outstanding debt. With an average household owing $8,398 on their plastic, it seems like were all swiping and dipping our way into financial hot water. From Gen Z with their double-digit delinquency rates to the 41% who manage to pay in full each month (you go, financial superheroes), the world of credit card debt is a rollercoaster of highs, lows, and an average APR of 16% that keeps us all on our toes. So, grab your wallet and brace yourself for a wild ride through the statistics of plastic fantastic debt-dom!
Average APR on credit cards
- The average APR on credit cards is around 16%.
- The average credit card interest rate is 16.28%.
- The average credit card APR for new offers is 20.56%.
- Credit card interest rates hit a record high of 17.14% in May 2021.
Interpretation
Credit card interest rates are like that friend who always shows up uninvited and overstays their welcome – sneaky, persistent, and always leaving you with a lingering sense of regret. With APRs flirting with the double digits and new offers tempting us with promises of even higher rates, it's no wonder that credit card debt is spiraling out of control. So, next time you reach for that shiny piece of plastic, remember: that "convenient" purchase might just end up costing you an arm and a leg (plus interest).
Average credit card debt per household in the US
- The average credit card debt per household in the U.S. is $8,398.
- Across all credit card accounts, the average credit card balance is $5,315.
- The average credit card debt for individuals aged 18-33 is $5,808.
- Millennials hold an average of $4,712 in credit card debt.
- The average credit card balance in the U.S. as of Q2 2021 is $6,270.
- Gen Xers carry an average of $6,627 in credit card debt.
- The average credit card debt for households that carry a balance is $16,048.
- Individuals aged 35-49 have an average credit card debt of $7,176.
- The median credit card debt in the U.S. is $2,700.
- Consumers in Alaska have the highest average credit card balance at $7,552.
- The average credit card balance in Hawaii is $6,577.
- The average credit card balance for consumers aged 75 and older is $3,431.
- Gen Xers have the highest average credit card debt at $8,215.
- The average credit card balance for individuals aged 50-64 is $8,177.
- Americans with a household income of less than $40,000 have an average credit card debt of $2,825.
- The average credit card debt for those aged 18-25 is $2,002.
- The average credit card debt for those aged 65 and older is $2,548.
- The average credit card debt for Baby Boomers is $6,270.
- Americans pay an average of $1,550 in credit card interest annually.
- The average credit card debt for those aged 26-34 is $4,616.
- The average credit card debt for individuals aged 30-39 is $7,994.
- Americans aged 18-29 carry an average credit card debt of $4,637.
- The average credit card debt for individuals aged 40-49 is $8,525.
- The average credit card balance for individuals aged 50-59 is $8,174.
- The average credit card debt for individuals aged 60 and over is $4,864.
- Consumers spend an average of $2,630 per year on credit card interest.
- The average credit card debt for individuals aged 70 and over is $2,347.
- The average credit card debt for individuals aged 60-69 is $6,963.
Interpretation
These credit card debt statistics paint a grim, yet all too familiar portrait of financial realities in America. From exuberant Millennials juggling their $4,712 balances to Gen Xers carrying the weighty burden of $8,215, it seems that plastic has become a not-so-fantastic friend to many. With households lugging an average debt of $16,048 for those who carry balances, it's clear that the urge to splurge sometimes outweighs the ability to fiscally rejuvenate. As Americans collectively dish out $1,550 annually in interest payments, it's a stark reminder of the high price we pay for the convenience of credit. So next time you're tempted to swipe, perhaps pause and consider if that latte is worth adding to the mounting stack of debt.
Percentage of Americans with credit card debt
- 34% of Americans have credit card debt.
- About 43% of Americans have carried credit card debt for two or more years.
- Credit card delinquency rates are highest for younger generations, with Gen Z having a delinquency rate of 11.57%.
- About 41% of credit card debt gets paid in full each month.
- 6 out of 10 Americans have carried credit card debt for over a year.
- The average American has four credit cards.
- 76% of Americans said that credit card debt has a negative impact on their overall financial stability.
- Approximately 25% of Americans carry balances on their credit cards regularly.
- Credit card debt comprises 7.88% of all household debt in the U.S.
- 31% of Americans have no credit card debt.
- Only 23% of Americans have no credit cards at all.
- 37% of Americans believe they will always be in credit card debt.
- Only 19% of Americans pay off their credit card balances in full each month.
- 70% of Americans with credit card debt don't know when they will be able to pay it off.
- 44% of Americans say that high-interest rates are the main reason they struggle with credit card debt.
- 48% of Americans say that credit card debt negatively impacts their ability to achieve financial goals.
- Nearly 60% of consumers have carried credit card debt for over a year.
- More than 40% of Americans are surprised by the interest charges on their credit card statements.
- In 2020, 35% of Americans said they accrued credit card debt due to the pandemic.
- 33% of Millennials have no credit card debt.
- 36% of Americans believe credit cards help a person's financial standing.
- 19% of credit card users say their card was declined in the past year due to a lack of available credit.
- 75% of adults believe that having a credit card is very or somewhat important to achieving their financial goals.
- 65% of credit card holders in the U.S. do not know their current interest rate on their cards.
- About 49% of Americans are worried about their current credit card debt levels.
- Credit card debt repayment represents 7.76% of Americans' income.
- About 22% of Americans increased their credit card debt during the COVID-19 pandemic.
- 42% of Americans say they are more afraid of credit card debt than going to the dentist.
- 46% of Americans say that paying off credit card debt is their top financial priority.
- 57% of Americans have been in credit card debt for more than a year.
Interpretation
In a country where plastic reigns supreme, the battle of the credit cards rages on, with statistics painting a clear picture of the financial landscape. From the thrill of multiple cards in hand to the crushing weight of never-ending debt, Americans find themselves on a seesaw of financial decisions. It seems that for every statistic highlighting responsible repayment, there's a corresponding figure showcasing the struggle of climbing out of the debt pit. With delinquency rates soaring for the younger generations and interest charges sneaking up on unsuspecting cardholders, it's no wonder that the plastic enemy lurks in the shadows of financial stability for many. Despite the allure of rewards and convenience, credit card debt remains a formidable foe, leaving a trail of uncertainty and fear in its wake. As Americans juggle their cards, their hopes, and their fears, the question lingers - can we truly swipe our way to financial freedom, or will the plastic promise turn into a lifelong burden?
Percentage of Americans with credit card debt exceeding a certain threshold
- 23% of Americans have maxed out their credit cards.
- 28% of Americans have credit card debt between $1,000 and $4,999.
- 11% of Americans have more than 10 credit cards.
- 21% of Americans say they have a credit card debt greater than $10,000.
- 27% of Americans with credit card debt have more than $10,000 in balances.
- 36% of Americans with credit card debt owe more than $20,000.
Interpretation
In a society where swiping is as instinctive as breathing, these statistics paint a disconcerting portrait of America’s love affair with plastic. With 23% maxing out their cards and 36% drowning in over $20,000 of debt, it seems we are all vying for the dubious title of "Master of Debt." And with 11% juggling more credit cards than they can count, one can't help but wonder if our wallets are beginning to resemble a magician's hat, bursting at the seams with financial tricks and traps. So let’s heed these numbers as cautionary tales lest we find ourselves buried under an avalanche of bills and interest rates, wishing we could magically make our debts disappear.
Total outstanding US consumer credit card debt
- The total outstanding U.S. consumer credit card debt is over $1 trillion.
- Credit card debt is the third-largest source of household indebtedness in the U.S., after mortgage debt and student loan debt.
- In 2020, credit card debt increased by $56.6 billion.
- Credit card debt is the fourth-largest source of household debt in America.
- In 2019, Americans paid $131 billion in credit card interest.
- Credit card balances increased by $17 billion in the second quarter of 2021.
- Consumers in the U.S. collectively hold over $800 billion in credit card debt.
- Credit card debt has reached its highest point since 2009.
- Credit card debt in the U.S. increased by 56% in the past decade.
- Credit card debt in the U.S. has increased by 48% over the past decade.
- Credit card debt in the U.S. surpassed $1 trillion in 2019.
- The total credit card debt in the U.S. increased by $34 billion in 2020.
Interpretation
In a world where a piece of plastic can hold more power than a crystal ball, the staggering statistics of credit card debt in the U.S. paint a portrait of a nation both swiping and sinking. With over $1 trillion outstanding and interest payments reaching the heights of financial folly, it seems that the plastic paradise has become a debt-ridden dystopia. Credit card debt has surged to levels rivaling mortgage and student loan debt, proving that for many, the convenience of "buy now, pay later" comes with a price steeper than any interest rate. As balances balloon and debt skyrockets, one can't help but wonder: are we spending our money or selling our future to the highest bidder?
