GITNUX REPORT 2024

Credit Statistics: Average Score 703, $800B Debt, Major Impact

Unlocking the Credit Puzzle: Exploring Americas Scores, Debts, and Financial Habits Revealed.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The average credit card APR in the U.S. is 16.03%.

Statistic 2

The average credit card APR in the United States is 16.28%.

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The average credit card annual fee is $147.

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The average credit card balance is $6,270 per cardholder.

Statistic 5

The average number of credit cards per person is 2.69.

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The average credit limit on a new credit card is $5,548.

Statistic 7

On average, Americans have a credit card debt of $5,315.

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Monthly average credit card spending per consumer in the U.S. is $1,175.

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Americans carry an average of $6,194 in credit card debt.

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The average American has a credit card balance of $5,315.

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The average credit card debt per borrower in the U.S. is $5,315.

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The average American has 4 credit cards.

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The average credit score in the United States is 703.

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The average age of a person’s oldest credit account affects their credit score, with 15% being the sweet spot.

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The average length of credit history is 11 years.

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Americans aged 18-34 have an average credit score of 674.

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The average credit score in the U.S. is 695.

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The average age of credit accounts in the U.S. is 11 years.

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The average length of a consumer's credit history is 6 years and 10 months.

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Americans aged 18-34 have an average credit score of 652.

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43% of Americans carry a balance on their credit cards.

Statistic 22

44% of Americans have more credit card debt than emergency savings.

Statistic 23

Credit card delinquency rates hit 2.5% in 2021.

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53% of students graduate with credit card debt.

Statistic 25

Over 4 in 10 Americans do not pay their credit card balance in full each month.

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21% of Americans have credit card debt in collections.

Statistic 27

47% of Americans say they have been denied credit.

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63% of Americans have credit card debt.

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The credit card delinquency rate in the U.S. is 2.6%.

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Credit card companies sent out 4.6 billion offers in 2019.

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34% of Americans have maxed out credit cards.

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Around 39% of Americans have credit card debt outstanding.

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The largest age group with credit card debt is 45-54 years old.

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23% of Americans have maxed out credit cards.

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Around 46% of Americans have a credit card balance.

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More than 20% of consumers say they have been rejected for credit in the past year.

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24% of Americans have never obtained a copy of their credit report.

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Americans received over 330 million new credit cards in 2020.

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Approximately 33% of Americans have a credit score below 670.

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55% of Americans have subprime credit scores.

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Individuals with excellent credit scores (800+) make up around 21% of the U.S. population.

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Around 30% of credit scores have at least one account in collections.

Statistic 43

31% of consumers regularly check their credit score.

Statistic 44

The most common credit score range is 650-699.

Statistic 45

33% of Millennials have never checked their credit score.

Statistic 46

1 in 5 consumers have an error on their credit report.

Statistic 47

75% of adults believe in the importance of financial literacy, especially when using credit responsibly.

Statistic 48

Around 40% of Americans have never reviewed their credit report.

Statistic 49

Credit card companies mailed out over 3 billion credit card offers in 2020.

Statistic 50

25% of Americans do not know their credit score.

Statistic 51

41% of consumers have never applied for a credit card in the past.

Statistic 52

71% of Americans have at least one credit card.

Statistic 53

55% of Americans have subprime credit scores.

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22% of credit reports have errors that could impact credit scores.

Statistic 55

40% of Americans have never checked their credit score.

Statistic 56

59% of Americans have a prime credit score (720 or higher).

Statistic 57

83% of Americans have at least one credit card.

Statistic 58

More than 30% of Americans have a credit score below 601.

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37% of Americans are not aware of their credit score.

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Over 90 million Americans have subprime credit scores.

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The average number of credit inquiries per person is 2.47.

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The total credit card debt in the U.S. is over $800 billion.

Statistic 63

Credit card fraud losses amounted to $2.8 billion in 2020.

Statistic 64

Consumers paid over $113 billion in credit card interest and fees in 2020.

Statistic 65

The U.S. credit card market is worth over $900 billion.

Statistic 66

Credit card debt among U.S. households totals over $1 trillion.

Statistic 67

The credit card industry employs over 1 million people in the U.S.

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Credit card companies made nearly $160 billion from interchange fees in 2019.

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In 2019, credit card fraud losses amounted to $16.9 billion globally.

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Americans have a total credit card debt of over $1 trillion.

Statistic 71

Credit card debt accounts for 26% of total household debt in the U.S.

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In 2020, consumers paid $121 billion in credit card interest and fees.

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Total outstanding U.S. consumer debt is over $14.5 trillion.

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The total value of outstanding credit card debt in the U.S. is over $1 trillion.

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Credit card companies collected $121 billion in interest and fees from consumers in 2020.

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Americans made over $160 billion in credit card transactions in 2019.

Statistic 77

Credit card charge-offs hit $8.9 billion in 2020.

Statistic 78

Credit card debt is the third-largest source of household indebtedness in the U.S.

Statistic 79

The credit card industry generates over $160 billion in annual revenue.

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Summary

  • The average credit score in the United States is 703.
  • Approximately 33% of Americans have a credit score below 670.
  • The total credit card debt in the U.S. is over $800 billion.
  • The average credit card balance is $6,270 per cardholder.
  • 43% of Americans carry a balance on their credit cards.
  • 55% of Americans have subprime credit scores.
  • Individuals with excellent credit scores (800+) make up around 21% of the U.S. population.
  • The average age of a person’s oldest credit account affects their credit score, with 15% being the sweet spot.
  • Around 30% of credit scores have at least one account in collections.
  • 31% of consumers regularly check their credit score.
  • The most common credit score range is 650-699.
  • 33% of Millennials have never checked their credit score.
  • 44% of Americans have more credit card debt than emergency savings.
  • The average length of credit history is 11 years.
  • 1 in 5 consumers have an error on their credit report.

From soaring scores to staggering debts, the world of credit is a rollercoaster ride that many Americans cant seem to get off. With an average credit score of 703 and $800 billion in credit card debt hanging over our heads, its clear that plastic is not always fantastic. Join us as we delve into the wild world of credit where 55% of us have subprime scores, 30% have collections haunting their reports, and a whopping 44% carry more debt on their cards than cash in the bank. Buckle up, because this financial frenzy is about to make your credit card statement seem like a walk in the park.

Average credit card APR in the US Average credit card balance

  • The average credit card APR in the U.S. is 16.03%.

Interpretation

The average credit card APR in the U.S. is a spicy 16.03%, serving up a financial feast for those who like to live dangerously close to the debt precipice. This interest rate dance may make your wallet wince, but consider it a cautionary tango reminding us all to mind our financial steps with grace and prudence. So, buckle up, budget beautifully, and remember: in the grand ballroom of credit, a little financial finesse goes a long way. Cheers to waltzing wisely through the world of plastic and interest!

Average credit card APR in the United States categorizes under "Average credit card balance"

  • The average credit card APR in the United States is 16.28%.

Interpretation

The average credit card APR in the United States may be 16.28%, but don't let that number fool you – it's like playing a high-stakes game of financial limbo where the bar keeps getting lower. So, while it may seem like a decent rate in comparison to the ever-fluctuating world of credit card interest, remember to tread carefully and keep your balance in check to avoid getting tripped up by those sneaky fees and penalties. After all, in the game of credit, the only way to win is not to play – or at least to play it smart.

Average credit card annual fee

  • The average credit card annual fee is $147.

Interpretation

In the world of credit cards, the average annual fee of $147 might seem like just another number in a sea of digits. However, hidden within this seemingly ordinary figure lies a paradoxical truth - that while credit cards can offer a gateway to convenience and reward, they also come with a price tag that must be carefully considered. So, the next time you swipe that plastic, remember: every swipe comes with a cost, and it's up to you to decide if the benefits outweigh the fees.

Average credit card balance

  • The average credit card balance is $6,270 per cardholder.
  • The average number of credit cards per person is 2.69.
  • The average credit limit on a new credit card is $5,548.
  • On average, Americans have a credit card debt of $5,315.
  • Monthly average credit card spending per consumer in the U.S. is $1,175.
  • Americans carry an average of $6,194 in credit card debt.
  • The average American has a credit card balance of $5,315.
  • The average credit card debt per borrower in the U.S. is $5,315.

Interpretation

In a country where swiping plastic seems as natural as breathing oxygen, these credit statistics paint a vivid picture of our financial landscape. With an array of shiny cards nestled in our wallets, each whispering sweet temptations of luxurious purchases, it's no wonder that the average American finds themselves dancing on the tightrope of credit card debt. From the tantalizing allure of sky-high credit limits to the harsh reality of carrying a burdensome debt load, we can't help but wonder if our love affair with credit cards has turned into a dangerous liaison with financial solvency. So the next time you feel the magnetic pull of that enticing "buy now, pay later" offer, perhaps it's worth pausing to reflect on whether the price is truly worth the plastic you hand over. After all, in a world where numbers don't lie, a little cautious hesitation might just save you from drowning in a sea of red.

Average credit cards per American

  • The average American has 4 credit cards.

Interpretation

It seems like the average American is juggling more credit cards than a circus performer, with a whopping four cards in their financial arsenal. This statistic may suggest a desire for versatility in managing expenses or perhaps a penchant for collecting shiny pieces of plastic. While having multiple cards can offer convenience and rewards, it's important for individuals to exercise caution and resist the temptation of "swiping now, worrying later." After all, when it comes to credit, it's all fun and games until the bills start rolling in.

Average credit score in the United States

  • The average credit score in the United States is 703.
  • The average age of a person’s oldest credit account affects their credit score, with 15% being the sweet spot.
  • The average length of credit history is 11 years.
  • Americans aged 18-34 have an average credit score of 674.
  • The average credit score in the U.S. is 695.
  • The average age of credit accounts in the U.S. is 11 years.
  • The average length of a consumer's credit history is 6 years and 10 months.
  • Americans aged 18-34 have an average credit score of 652.

Interpretation

In the ever-evolving world of credit scores, it seems we're all just chasing that elusive number, like a cat chasing a laser pointer. We're told that the average credit score sits comfortably at 703, but hold on a second—Americans aged 18-34 are lagging behind at 674 and 652. They say age brings wisdom, and apparently, it also brings a better credit score, with 15% being the magic number for the age of your oldest credit account. So, millennials, take note: maybe it's time to ask Grandma for some credit tips. Or just hope that the average length of credit history goes up, currently at 6 years and 10 months, before you hit those golden years.

Percentage of Americans carrying a balance on their credit cards

  • 43% of Americans carry a balance on their credit cards.
  • 44% of Americans have more credit card debt than emergency savings.
  • Credit card delinquency rates hit 2.5% in 2021.
  • 53% of students graduate with credit card debt.
  • Over 4 in 10 Americans do not pay their credit card balance in full each month.
  • 21% of Americans have credit card debt in collections.
  • 47% of Americans say they have been denied credit.
  • 63% of Americans have credit card debt.
  • The credit card delinquency rate in the U.S. is 2.6%.
  • Credit card companies sent out 4.6 billion offers in 2019.
  • 34% of Americans have maxed out credit cards.
  • Around 39% of Americans have credit card debt outstanding.
  • The largest age group with credit card debt is 45-54 years old.
  • 23% of Americans have maxed out credit cards.
  • Around 46% of Americans have a credit card balance.

Interpretation

In a country where plastic is mightier than the sword, the numbers paint a stark picture of the credit card landscape. From students graduating with debt to adults struggling to pay off balances, it seems that more Americans are swiping left on financial responsibility. With delinquency rates soaring, one might say we're living in a 'credit crunch' instead of a cash crunch. As credit card companies flood mailboxes with tempting offers, it's no wonder that many find themselves drowning in debt. So next time you're tempted to splurge on that designer handbag or gourmet meal, maybe it's worth asking: is it worth sacrificing financial stability for a fleeting moment of luxury? Just remember, the real cost may not be printed on the receipt.

Percentage of Americans rejected for credit

  • More than 20% of consumers say they have been rejected for credit in the past year.

Interpretation

In a financial game of "he loves me, he loves me not," it seems like credit lenders have been breaking more hearts than granting them bouquets. With over 20% of consumers being rejected for credit in the past year, it appears that the lending industry is playing hard-to-get, leaving many feeling like they've been left standing alone at the doorstep of financial opportunity. So, buckle up your financial boots, because in this dating game, rejection might just be the start of a better credit love story.

Percentage of Americans who have never obtained a copy of their credit report

  • 24% of Americans have never obtained a copy of their credit report.

Interpretation

In a world where people swipe left or right with more confidence than they review their financial health, it seems that a surprising 24% of Americans have yet to take a peek at their credit report. While some may see this as a risky game of financial hide-and-seek, others might argue that ignorance is not always bliss, especially when it comes to credit scores. So, to those who have yet to peek behind the credit report curtain, consider it a bit like undergoing a financial check-up – the results may surprise you, but knowing is half the battle in the game of grown-uping.

Percentage of Americans with credit cards

  • Americans received over 330 million new credit cards in 2020.

Interpretation

In 2020, Americans welcomed over 330 million new credit cards into their wallets, a statistic that speaks volumes about our love-hate relationship with plastic. As we navigate the intricate dance of financial responsibility and indulgent spending, these tiny rectangles hold the power to open doors to our dreams or lead us down the treacherous path of debt. So, here's to hoping that in the coming year, we wield these little pieces of plastic with wisdom and restraint, steering clear of the siren call of impulse shopping and opting instead for a more balanced approach to credit card bliss.

Percentage of Americans with credit scores

  • Approximately 33% of Americans have a credit score below 670.
  • 55% of Americans have subprime credit scores.
  • Individuals with excellent credit scores (800+) make up around 21% of the U.S. population.
  • Around 30% of credit scores have at least one account in collections.
  • 31% of consumers regularly check their credit score.
  • The most common credit score range is 650-699.
  • 33% of Millennials have never checked their credit score.
  • 1 in 5 consumers have an error on their credit report.
  • 75% of adults believe in the importance of financial literacy, especially when using credit responsibly.
  • Around 40% of Americans have never reviewed their credit report.
  • Credit card companies mailed out over 3 billion credit card offers in 2020.
  • 25% of Americans do not know their credit score.
  • 41% of consumers have never applied for a credit card in the past.
  • 71% of Americans have at least one credit card.
  • 55% of Americans have subprime credit scores.
  • 22% of credit reports have errors that could impact credit scores.
  • 40% of Americans have never checked their credit score.
  • 59% of Americans have a prime credit score (720 or higher).
  • 83% of Americans have at least one credit card.
  • More than 30% of Americans have a credit score below 601.
  • 37% of Americans are not aware of their credit score.
  • Over 90 million Americans have subprime credit scores.
  • The average number of credit inquiries per person is 2.47.

Interpretation

As the numbers paint a colorful picture of America's credit landscape, it seems that financial awareness is still a work in progress for many. With statistics ranging from the prevalence of subprime credit scores to the alarmingly high percentage of individuals with errors on their reports, it's clear that navigating the world of credit requires a keen eye and a steady hand. As 75% of adults advocate for financial literacy and responsible credit usage, one can't help but wonder if the 40% who have never checked their credit report are missing out on an opportunity to better understand their financial health. In a world where credit card offers flood mailboxes and credit scores can have a lasting impact, perhaps it's time for all Americans to tune into their credit scores, brush up on their financial literacy, and take control of their financial futures one witty statistic at a time.

Total credit card debt in the US

  • The total credit card debt in the U.S. is over $800 billion.
  • Credit card fraud losses amounted to $2.8 billion in 2020.
  • Consumers paid over $113 billion in credit card interest and fees in 2020.
  • The U.S. credit card market is worth over $900 billion.
  • Credit card debt among U.S. households totals over $1 trillion.
  • The credit card industry employs over 1 million people in the U.S.
  • Credit card companies made nearly $160 billion from interchange fees in 2019.
  • In 2019, credit card fraud losses amounted to $16.9 billion globally.
  • Americans have a total credit card debt of over $1 trillion.
  • Credit card debt accounts for 26% of total household debt in the U.S.
  • In 2020, consumers paid $121 billion in credit card interest and fees.
  • Total outstanding U.S. consumer debt is over $14.5 trillion.
  • The total value of outstanding credit card debt in the U.S. is over $1 trillion.
  • Credit card companies collected $121 billion in interest and fees from consumers in 2020.
  • Americans made over $160 billion in credit card transactions in 2019.
  • Credit card charge-offs hit $8.9 billion in 2020.
  • Credit card debt is the third-largest source of household indebtedness in the U.S.

Interpretation

The dizzying array of credit card statistics paints a vivid portrait of America's financial landscape, where the plastic reigns supreme and debt lurks around every transaction. With over $1 trillion in credit card debt hanging over households like a dark cloud, it's no wonder that consumers paid a whopping $113 billion in interest and fees in just one year. The credit card industry is a formidable giant, employing over a million people and raking in billions from interchange fees and charges. As Americans continue to swipe and tap their way through life, it seems that the plastic fantastic world of credit cards is here to stay – for better or for worse.

Total credit card industry revenue

  • The credit card industry generates over $160 billion in annual revenue.

Interpretation

In a society where the plastic rectangles in our wallets seem to hold more power than our actual wallets themselves, it's no surprise that the credit card industry thrives on extracting over $160 billion from consumers annually. It's a reality where swiping seems easier than saving, and interest rates can sometimes feel more ruthless than a frenemy's betrayal. So next time you hear that tempting "Cha-ching" at the checkout, remember that convenience comes at a cost, and perhaps consider flashing a smile to your savings account instead.

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