GITNUXREPORT 2026

Shocking Personal Finance Statistics

Soaring credit card debt and minimal savings expose severe American financial vulnerability.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Statistic 1

In 2023, the average American household carried $6,501 in credit card debt, up 10% from the previous year, highlighting rising reliance on high-interest debt amid inflation.

Statistic 2

Over 50% of U.S. adults have less than $500 in savings, making them vulnerable to financial shocks like medical emergencies.

Statistic 3

Total U.S. credit card debt reached $1.13 trillion in Q4 2023, a record high surpassing pre-pandemic levels.

Statistic 4

44% of Americans carry a credit card balance month-to-month, accruing interest averaging 21.5% APR.

Statistic 5

Millennials hold 40% of total U.S. credit card debt despite being only 22% of the population.

Statistic 6

The average American spends $1,329 annually on credit card interest alone.

Statistic 7

25% of credit card users max out their cards, leading to severe credit score damage.

Statistic 8

Delinquency rates on credit cards hit 3.2% in 2023, the highest since 2010.

Statistic 9

Women hold 40% more credit card debt than men on average, at $7,179 vs. $5,812.

Statistic 10

60% of Americans have used credit cards for daily expenses in the past year due to insufficient income.

Statistic 11

Average household debt payments consume 10.5% of disposable income, squeezing budgets.

Statistic 12

Subprime borrowers (credit score <620) make up 30% of credit card debt holders but pay 50% of interest fees.

Statistic 13

Credit card debt for those over 60 has doubled since 2010 to $62 billion.

Statistic 14

35% of young adults (18-24) have credit card debt over $5,000.

Statistic 15

Revolving credit utilization above 30% affects 70 million Americans, harming credit scores.

Statistic 16

U.S. households with credit card debt average 3.8 cards open.

Statistic 17

Interest payments on credit cards cost Americans $130 billion in 2023.

Statistic 18

48% of credit card holders missed a payment in the last year, incurring fees averaging $40 each.

Statistic 19

Credit card debt growth outpaced income growth by 15% from 2020-2023.

Statistic 20

Low-income households (<$50k) hold $300 billion in credit card debt.

Statistic 21

28% of Americans have credit card debt persisting over 2 years.

Statistic 22

Average credit limit is $13,000, but balances average 50% utilization for indebted households.

Statistic 23

Credit card debt contributes to 20% of personal bankruptcies annually.

Statistic 24

Gen Z credit card debt averages $3,000, with 45% carrying balances.

Statistic 25

55% of credit card debt is used for non-essential purchases like dining out.

Statistic 26

Debt collection calls affect 1 in 5 Americans due to unpaid credit card balances.

Statistic 27

Average time to pay off $10,000 credit card debt at minimum payments: 24 years.

Statistic 28

Credit card APRs reached 24% average in 2024, up from 15% in 2020.

Statistic 29

42% of Americans fear they’ll never pay off credit card debt.

Statistic 30

Total credit card debt per capita is $3,427 in the U.S.

Statistic 31

Households spend 9.2% of income on dining out, crowding out savings.

Statistic 32

Americans spend $1,500 per year on coffee and snacks, equivalent to potential savings.

Statistic 33

30% of grocery spending is on impulse buys at checkout.

Statistic 34

Average household spends $2,900 annually on subscriptions they forget to cancel.

Statistic 35

U.S. consumers waste $1,600 per year on unused gym memberships.

Statistic 36

76% of Americans buy items they never use, averaging $18,000 lifetime waste.

Statistic 37

Households spend 12% of income on clothing, up 20% since 2019.

Statistic 38

Average American throws away $1,500 in food annually due to overbuying.

Statistic 39

56% of shopping is unplanned, leading to $5,400 extra yearly spend.

Statistic 40

Streaming services cost average household $55/month, totaling $660/year.

Statistic 41

40% of credit card swipes are for convenience items under $10.

Statistic 42

Lottery spending averages $300/person/year, with low-income spending most.

Statistic 43

Americans spend $92 billion on pet products annually, often luxuries.

Statistic 44

65% regret impulse purchases within a week, averaging $100 each.

Statistic 45

Dining out consumes 50% of food budget for millennials.

Statistic 46

Average Black Friday spend per shopper: $311, mostly non-essentials.

Statistic 47

28% of income goes to housing, but 15% more on lifestyle upgrades.

Statistic 48

Tobacco and alcohol cost $1,200/year per user, eroding budgets.

Statistic 49

70% of purchases are influenced by emotional triggers.

Statistic 50

Household gadget spending averages $500/year on rarely used items.

Statistic 51

52% buy clothes they wear once, wasting $200/year.

Statistic 52

Vacation overspending averages $1,200 per trip beyond budget.

Statistic 53

60% of Amazon purchases are impulse buys via Prime.

Statistic 54

Average spend on beauty products: $200/month for women.

Statistic 55

45% of takeout orders exceed $50, inflating food costs.

Statistic 56

Gaming microtransactions drain $500/year from average player.

Statistic 57

33% overspend on holidays, averaging $800 extra.

Statistic 58

Car modifications cost $2,000 average, unnecessary luxury.

Statistic 59

75% of smartphone apps encourage in-app purchases totaling $1,000/year.

Statistic 60

Average household lottery loss: $500/year.

Statistic 61

68% buy extended warranties they never use, $150 average.

Statistic 62

55% of 401(k) participants have less than $50,000 saved by age 50.

Statistic 63

50% of Americans over 55 have no retirement savings.

Statistic 64

Projected retirement shortfall for average household: $1.2 million.

Statistic 65

Only 53% of private sector workers have access to employer retirement plans.

Statistic 66

Median 401(k) balance for ages 65+: $232,710, inadequate for 20+ years retirement.

Statistic 67

Social Security replaces only 40% of pre-retirement income for average worker.

Statistic 68

25% of retirees will outlive their savings within 10 years.

Statistic 69

Women’s retirement savings average 30% less than men’s due to wage gap.

Statistic 70

40% of Gen X expects to work past 70 due to insufficient savings.

Statistic 71

Average IRA balance: $129,000, far short of $1 million goal.

Statistic 72

57% of Americans worry retirement funds won’t last.

Statistic 73

Black households have median retirement savings of $42,000 vs. $189,000 for whites.

Statistic 74

1 in 5 seniors rely solely on Social Security, averaging $1,500/month.

Statistic 75

Retirement account contribution rate averages 7.4%, below 15% recommended.

Statistic 76

35% of workers have no personal retirement savings.

Statistic 77

Expected retirement age rose to 67, but savings not matching.

Statistic 78

Hispanic workers have median savings of $34,000.

Statistic 79

48% of near-retirees (55-64) have under $100k saved.

Statistic 80

Pension coverage dropped to 15% of private workforce.

Statistic 81

Average retiree needs $1.46 million for comfortable retirement, has half.

Statistic 82

60% of retirees claim Social Security at 62, locking in 30% lower benefits.

Statistic 83

Gig workers have 50% less retirement savings.

Statistic 84

Inflation-adjusted Social Security benefits declined 20% since 2000.

Statistic 85

42% of Americans over 50 have debt averaging $90k entering retirement.

Statistic 86

Only 29% of households feel on track for retirement.

Statistic 87

Median savings for under 35: $18,880.

Statistic 88

70% of pre-retirees fear outliving savings.

Statistic 89

Retirement healthcare costs projected at $315,000 per couple.

Statistic 90

57% of Americans have under $1,000 in savings, unable to cover a $1,000 emergency.

Statistic 91

The U.S. personal savings rate dropped to 3.2% in late 2023, lowest since 2008 crisis.

Statistic 92

49% of Americans could not access $2,000 in 30 days without selling possessions or borrowing.

Statistic 93

Median retirement savings for ages 55-64 is $185,000, far below recommended $1.2 million.

Statistic 94

Only 44% of Americans can cover three months of expenses from savings.

Statistic 95

Households earning $100k+ have median savings of $41,600, still inadequate for emergencies.

Statistic 96

36% of Americans have zero emergency savings.

Statistic 97

Average savings account balance is $8,300, but median is $2,500 due to wealth skew.

Statistic 98

Savings rates for bottom 50% of earners average under 1% of income.

Statistic 99

62% of Gen Z have no savings beyond $500.

Statistic 100

U.S. households spend 75% of income on necessities, leaving little for savings.

Statistic 101

Only 15% of Americans have six months of expenses saved as recommended.

Statistic 102

Median checking account balance is $2,800, insufficient for most unexpected costs.

Statistic 103

Savings rate fell to 4.6% in 2023 amid high inflation eroding purchasing power.

Statistic 104

70% of Americans prioritize spending over saving when faced with choices.

Statistic 105

Baby boomers have median savings of $88,400, projected short by $300k for retirement.

Statistic 106

25% of U.S. adults have no savings account at all.

Statistic 107

Average millennial savings is $39,000, half of what's needed by age 40.

Statistic 108

High-yield savings accounts hold less than 10% of U.S. savings due to low awareness.

Statistic 109

41% of families can't cover $2,000 expense without loans.

Statistic 110

Savings for Black households average 40% less than white households at similar incomes.

Statistic 111

Post-pandemic, 30 million Americans dipped into savings for basics.

Statistic 112

Median savings for ages 30-39 is $11,000.

Statistic 113

52% of Americans have less than three months' savings.

Statistic 114

U.S. savings rate is 5x lower than China's 35%.

Statistic 115

Only 32% of workers have $50k+ in retirement savings.

Statistic 116

78% of Americans live paycheck to paycheck, depleting savings potential.

Statistic 117

67% of Americans say inflation prevents saving more.

Statistic 118

Average American has $888 in savings, per recent survey.

Statistic 119

45% of U.S. households have no retirement savings whatsoever.

Statistic 120

Top 10% hold 89% of stocks, excluding most from market gains.

Statistic 121

Bottom 50% of Americans hold just 2.6% of total wealth.

Statistic 122

Median net worth for Black families: $44,100 vs. $285,000 for whites.

Statistic 123

CEO-to-worker pay ratio averages 399:1 in 2023.

Statistic 124

Top 1% captured 63% of all new wealth since 2020.

Statistic 125

735 U.S. billionaires hold more wealth than bottom 50% (165 million people).

Statistic 126

Wealth gap between top 10% and bottom 90% widened 40% since 1989.

Statistic 127

Median wealth for bottom 20%: $6,400.

Statistic 128

Student debt prevents 35% of millennials from wealth-building.

Statistic 129

Top 0.1% own as much as bottom 90% combined.

Statistic 130

Wages stagnant for bottom 90% since 1979, adjusted for inflation.

Statistic 131

Homeownership rate for Blacks: 44% vs. 74% for whites.

Statistic 132

40% of corporate tax cuts went to stock buybacks, benefiting top 10%.

Statistic 133

Median income for top 1%: $823,000 vs. $52,000 for bottom 50%.

Statistic 134

Inheritance boosts top 1% wealth by 50%, negligible for bottom.

Statistic 135

69% of stock market wealth owned by top 10%.

Statistic 136

Poverty rate masks wealth gap; 37 million poor have zero net worth median.

Statistic 137

Gender wealth gap: Single women have 32% less wealth than single men.

Statistic 138

Top 400 richest families pay lower tax rate than middle class.

Statistic 139

Corporate profits up 50% since 2020, wages up 10%.

Statistic 140

78% of U.S. wealth growth 1983-2016 went to top 10%.

Statistic 141

Median net worth ages 18-35: $39,000 vs. $1.06 million for 65-74.

Statistic 142

1% of population holds 32% of total wealth.

Statistic 143

Low-wage workers ($15/hr) have median wealth $7,500.

Statistic 144

Billionaire wealth grew $2 trillion during pandemic.

Statistic 145

50% of Americans have three days' expenses in savings, exacerbating inequality.

Statistic 146

Top 5% own 62% of business equity.

Statistic 147

Wealth concentration highest since Gilded Age.

1/147

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While we swipe our way through life on autopilot, a chilling financial reality is quietly taking hold: the average American is now spending more on credit card interest than on groceries, trapped in a cycle of debt as savings accounts sit shockingly empty.

Key Takeaways

In 2023, the average American household carried $6,501 in credit card debt, up 10% from the previous year, highlighting rising reliance on high-interest debt amid inflation.
Over 50% of U.S. adults have less than $500 in savings, making them vulnerable to financial shocks like medical emergencies.
Total U.S. credit card debt reached $1.13 trillion in Q4 2023, a record high surpassing pre-pandemic levels.
57% of Americans have under $1,000 in savings, unable to cover a $1,000 emergency.
The U.S. personal savings rate dropped to 3.2% in late 2023, lowest since 2008 crisis.
49% of Americans could not access $2,000 in 30 days without selling possessions or borrowing.
Households spend 9.2% of income on dining out, crowding out savings.
Americans spend $1,500 per year on coffee and snacks, equivalent to potential savings.
30% of grocery spending is on impulse buys at checkout.
55% of 401(k) participants have less than $50,000 saved by age 50.
50% of Americans over 55 have no retirement savings.
Projected retirement shortfall for average household: $1.2 million.
Top 10% hold 89% of stocks, excluding most from market gains.
Bottom 50% of Americans hold just 2.6% of total wealth.
Median net worth for Black families: $44,100 vs. $285,000 for whites.

Soaring credit card debt and minimal savings expose severe American financial vulnerability.

Debt Burden

In 2023, the average American household carried $6,501 in credit card debt, up 10% from the previous year, highlighting rising reliance on high-interest debt amid inflation.
Over 50% of U.S. adults have less than $500 in savings, making them vulnerable to financial shocks like medical emergencies.
Total U.S. credit card debt reached $1.13 trillion in Q4 2023, a record high surpassing pre-pandemic levels.
44% of Americans carry a credit card balance month-to-month, accruing interest averaging 21.5% APR.
Millennials hold 40% of total U.S. credit card debt despite being only 22% of the population.
The average American spends $1,329 annually on credit card interest alone.
25% of credit card users max out their cards, leading to severe credit score damage.
Delinquency rates on credit cards hit 3.2% in 2023, the highest since 2010.
Women hold 40% more credit card debt than men on average, at $7,179 vs. $5,812.
60% of Americans have used credit cards for daily expenses in the past year due to insufficient income.
Average household debt payments consume 10.5% of disposable income, squeezing budgets.
Subprime borrowers (credit score <620) make up 30% of credit card debt holders but pay 50% of interest fees.
Credit card debt for those over 60 has doubled since 2010 to $62 billion.
35% of young adults (18-24) have credit card debt over $5,000.
Revolving credit utilization above 30% affects 70 million Americans, harming credit scores.
U.S. households with credit card debt average 3.8 cards open.
Interest payments on credit cards cost Americans $130 billion in 2023.
48% of credit card holders missed a payment in the last year, incurring fees averaging $40 each.
Credit card debt growth outpaced income growth by 15% from 2020-2023.
Low-income households (<$50k) hold $300 billion in credit card debt.
28% of Americans have credit card debt persisting over 2 years.
Average credit limit is $13,000, but balances average 50% utilization for indebted households.
Credit card debt contributes to 20% of personal bankruptcies annually.
Gen Z credit card debt averages $3,000, with 45% carrying balances.
55% of credit card debt is used for non-essential purchases like dining out.
Debt collection calls affect 1 in 5 Americans due to unpaid credit card balances.
Average time to pay off $10,000 credit card debt at minimum payments: 24 years.
Credit card APRs reached 24% average in 2024, up from 15% in 2020.
42% of Americans fear they’ll never pay off credit card debt.
Total credit card debt per capita is $3,427 in the U.S.

Debt Burden Interpretation

The nation's financial pulse is increasingly erratic, as a record-breaking mountain of high-interest credit card debt—now a staggering $1.13 trillion—suggests millions of Americans are using plastic as a desperate life raft in a sea of inflation, leaving them vulnerable to the slightest wave and drowning in interest.

Overspending Habits

Households spend 9.2% of income on dining out, crowding out savings.
Americans spend $1,500 per year on coffee and snacks, equivalent to potential savings.
30% of grocery spending is on impulse buys at checkout.
Average household spends $2,900 annually on subscriptions they forget to cancel.
U.S. consumers waste $1,600 per year on unused gym memberships.
76% of Americans buy items they never use, averaging $18,000 lifetime waste.
Households spend 12% of income on clothing, up 20% since 2019.
Average American throws away $1,500 in food annually due to overbuying.
56% of shopping is unplanned, leading to $5,400 extra yearly spend.
Streaming services cost average household $55/month, totaling $660/year.
40% of credit card swipes are for convenience items under $10.
Lottery spending averages $300/person/year, with low-income spending most.
Americans spend $92 billion on pet products annually, often luxuries.
65% regret impulse purchases within a week, averaging $100 each.
Dining out consumes 50% of food budget for millennials.
Average Black Friday spend per shopper: $311, mostly non-essentials.
28% of income goes to housing, but 15% more on lifestyle upgrades.
Tobacco and alcohol cost $1,200/year per user, eroding budgets.
70% of purchases are influenced by emotional triggers.
Household gadget spending averages $500/year on rarely used items.
52% buy clothes they wear once, wasting $200/year.
Vacation overspending averages $1,200 per trip beyond budget.
60% of Amazon purchases are impulse buys via Prime.
Average spend on beauty products: $200/month for women.
45% of takeout orders exceed $50, inflating food costs.
Gaming microtransactions drain $500/year from average player.
33% overspend on holidays, averaging $800 extra.
Car modifications cost $2,000 average, unnecessary luxury.
75% of smartphone apps encourage in-app purchases totaling $1,000/year.
Average household lottery loss: $500/year.
68% buy extended warranties they never use, $150 average.

Overspending Habits Interpretation

We are all unwittingly sponsoring our own financial demise, one thoughtless latte, unused subscription, and impulse buy at a time.

Retirement Gaps

55% of 401(k) participants have less than $50,000 saved by age 50.
50% of Americans over 55 have no retirement savings.
Projected retirement shortfall for average household: $1.2 million.
Only 53% of private sector workers have access to employer retirement plans.
Median 401(k) balance for ages 65+: $232,710, inadequate for 20+ years retirement.
Social Security replaces only 40% of pre-retirement income for average worker.
25% of retirees will outlive their savings within 10 years.
Women’s retirement savings average 30% less than men’s due to wage gap.
40% of Gen X expects to work past 70 due to insufficient savings.
Average IRA balance: $129,000, far short of $1 million goal.
57% of Americans worry retirement funds won’t last.
Black households have median retirement savings of $42,000 vs. $189,000 for whites.
1 in 5 seniors rely solely on Social Security, averaging $1,500/month.
Retirement account contribution rate averages 7.4%, below 15% recommended.
35% of workers have no personal retirement savings.
Expected retirement age rose to 67, but savings not matching.
Hispanic workers have median savings of $34,000.
48% of near-retirees (55-64) have under $100k saved.
Pension coverage dropped to 15% of private workforce.
Average retiree needs $1.46 million for comfortable retirement, has half.
60% of retirees claim Social Security at 62, locking in 30% lower benefits.
Gig workers have 50% less retirement savings.
Inflation-adjusted Social Security benefits declined 20% since 2000.
42% of Americans over 50 have debt averaging $90k entering retirement.
Only 29% of households feel on track for retirement.
Median savings for under 35: $18,880.
70% of pre-retirees fear outliving savings.
Retirement healthcare costs projected at $315,000 per couple.

Retirement Gaps Interpretation

The collective American retirement plan appears to be a cocktail of hope, denial, and a startling faith that Social Security and a used La-Z-Boy will somehow constitute a robust financial strategy.

Savings Deficiency

57% of Americans have under $1,000 in savings, unable to cover a $1,000 emergency.
The U.S. personal savings rate dropped to 3.2% in late 2023, lowest since 2008 crisis.
49% of Americans could not access $2,000 in 30 days without selling possessions or borrowing.
Median retirement savings for ages 55-64 is $185,000, far below recommended $1.2 million.
Only 44% of Americans can cover three months of expenses from savings.
Households earning $100k+ have median savings of $41,600, still inadequate for emergencies.
36% of Americans have zero emergency savings.
Average savings account balance is $8,300, but median is $2,500 due to wealth skew.
Savings rates for bottom 50% of earners average under 1% of income.
62% of Gen Z have no savings beyond $500.
U.S. households spend 75% of income on necessities, leaving little for savings.
Only 15% of Americans have six months of expenses saved as recommended.
Median checking account balance is $2,800, insufficient for most unexpected costs.
Savings rate fell to 4.6% in 2023 amid high inflation eroding purchasing power.
70% of Americans prioritize spending over saving when faced with choices.
Baby boomers have median savings of $88,400, projected short by $300k for retirement.
25% of U.S. adults have no savings account at all.
Average millennial savings is $39,000, half of what's needed by age 40.
High-yield savings accounts hold less than 10% of U.S. savings due to low awareness.
41% of families can't cover $2,000 expense without loans.
Savings for Black households average 40% less than white households at similar incomes.
Post-pandemic, 30 million Americans dipped into savings for basics.
Median savings for ages 30-39 is $11,000.
52% of Americans have less than three months' savings.
U.S. savings rate is 5x lower than China's 35%.
Only 32% of workers have $50k+ in retirement savings.
78% of Americans live paycheck to paycheck, depleting savings potential.
67% of Americans say inflation prevents saving more.
Average American has $888 in savings, per recent survey.
45% of U.S. households have no retirement savings whatsoever.

Savings Deficiency Interpretation

We've become so adept at surviving paycheck-to-paycheck that we’ve built a national economy on the thin ice of financial fragility, where a flat tire can sink a retirement plan.

Wealth Inequality

Top 10% hold 89% of stocks, excluding most from market gains.
Bottom 50% of Americans hold just 2.6% of total wealth.
Median net worth for Black families: $44,100 vs. $285,000 for whites.
CEO-to-worker pay ratio averages 399:1 in 2023.
Top 1% captured 63% of all new wealth since 2020.
735 U.S. billionaires hold more wealth than bottom 50% (165 million people).
Wealth gap between top 10% and bottom 90% widened 40% since 1989.
Median wealth for bottom 20%: $6,400.
Student debt prevents 35% of millennials from wealth-building.
Top 0.1% own as much as bottom 90% combined.
Wages stagnant for bottom 90% since 1979, adjusted for inflation.
Homeownership rate for Blacks: 44% vs. 74% for whites.
40% of corporate tax cuts went to stock buybacks, benefiting top 10%.
Median income for top 1%: $823,000 vs. $52,000 for bottom 50%.
Inheritance boosts top 1% wealth by 50%, negligible for bottom.
69% of stock market wealth owned by top 10%.
Poverty rate masks wealth gap; 37 million poor have zero net worth median.
Gender wealth gap: Single women have 32% less wealth than single men.
Top 400 richest families pay lower tax rate than middle class.
Corporate profits up 50% since 2020, wages up 10%.
78% of U.S. wealth growth 1983-2016 went to top 10%.
Median net worth ages 18-35: $39,000 vs. $1.06 million for 65-74.
1% of population holds 32% of total wealth.
Low-wage workers ($15/hr) have median wealth $7,500.
Billionaire wealth grew $2 trillion during pandemic.
50% of Americans have three days' expenses in savings, exacerbating inequality.
Top 5% own 62% of business equity.
Wealth concentration highest since Gilded Age.

Wealth Inequality Interpretation

The American Dream is increasingly a spectator sport, with most of the seats and all of the concession revenue owned by a small group who inherited the stadium.

Sources & References

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