How many Americans have credit card debt? (2024)

How many Americans have credit card debt?

More from Personal Finance:

What percentage of the US population has a credit card?

Fast Facts. In 2022, 82% of U.S. adults had at least one credit card. We examined U.S. credit card usage by analyzing a large sample of credit card data from June 2013-December 2021. We found that many people likely used their pandemic stimulus payments to pay down their credit card balances.

Has the US reached $1 trillion in credit card debt?

The outstanding balance grew to $1.13 trillion, an increase of $50 billion over a 90-day period. A spike in credit card debt for the fourth quarter is common as consumers spend more during the holiday season.

Is $5000 in credit card debt a lot?

$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month. However, you don't have to accept decades of credit card debt. There are a few things you can do to pay your debt off faster - potentially saving thousands of dollars in the process.

What percent of Americans have debt?

Even though household net worth is on the rise in America (at $141 trillion in the summer of 2021)—so is debt. The total personal debt in the U.S. is at an all-time high of $14.96 trillion. The average American debt (per U.S. adult) is $58,604 and 77% of American households have at least some type of debt.

What percent of Americans are debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.

How many people have no credit card debt?

If you look at all credit card accounts, the American Bankers Association data shows that 43% of accounts were active and carried a balance at some point in the third quarter of 2022, 34% of accounts were active but didn't carry a balance and 23% of accounts were dormant for the quarter.

How much is the average American in debt?

The average debt in America is $103,358 across mortgages, auto loans, student loans, and credit cards. Debt peaks between ages 40 and 49 among consumers with good credit scores. Washington has the highest average debt at $180,462, and West Virginia has the lowest at $64,320.

How much credit card debt does the average American have in 2023?

Average American Credit Card Debt

The Federal Reserve study does not provide numbers for the average credit card balance per consumer. However, according to recent numbers put out by Transunion, this figure rose from $5,474 in Q3 2022 to $6,088 in Q3 2023.

Are Americans drowning in credit card debt?

Rising debt and higher rates will mean trouble for some. But in aggregate, Americans don't appear to be drowning in debt—they're surfing on it. “Household Debt and Credit Report, Q3 2023”, Federal Reserve Bank of New York.

Who buys the most U.S. debt?

As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

What is the highest credit card debt ever recorded?

Credit card debt increased by $50 billion in the fourth quarter of 2023. Americans' credit card balances climbed to a new record high $1.13 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.

How to pay off $3,000 in 3 months?

The best way to pay off $3,000 in debt fast is to use a 0% APR balance transfer credit card because it will enable you to put your full monthly payment toward your current balance instead of new interest charges. As long as you avoid adding new debt, you can repay what you owe in a matter of months.

How long will it take to pay off $20000 in credit card debt?

It will take 47 months to pay off $20,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.

How many people have $50,000 in credit card debt?

Paying off $50,000 in Credit Card Debt. Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year. Paying off that bill?

How many Americans are 100% debt free?

Fewer than one quarter of American households live debt-free. Learning ways to tackle debt can help you get a handle on your finances.

How much debt is Gen Z in?

Between April and June 2023, Gen Z, people born between 1997 and 2012, had an average credit card balance of $3,328, a 4.23% increase from January to March 2023, where their average balance was $3,193, according to Credit Karma.

At what age are most people debt free?

The Standard Route is what credit companies and lenders recommend. If this is the graduate's choice, he or she will be debt free around the age of 58. It will take a total of 36 years to complete. It's a whole lot of time but it's the standard for a lot of people.

How many Americans live paycheck to paycheck?

Statistics vary, but between 55 percent to 63 percent of Americans are likely living paycheck to paycheck.

Which gender has more debt?

On average, men have more debt than women across all categories, except for student loans. While there isn't much data yet, early studies have shown that nonbinary students undergo more financial strain than their cisgender peers, and are more likely to have student loan debt.

Is it rare to be debt free?

The ones who are living debt-free may seem like a rarity, but they aren't special or superhuman, nor are they necessarily wealthy. What distinguishes them from people who still have debt is their willingness to utilize the resources they have, financial or otherwise, to pay off debt or avoid it altogether.

Why do most Americans have no savings?

Inflation is a common culprit that's affecting savings.

63% of U.S. adults say inflation is causing them to save less for unexpected expenses, while 45% say the same of rising interest rates.

Why having no credit card debt is good?

By using your credit cards and paying the balances off monthly (so that you carry no debt), you could achieve an excellent credit score. The key is having positive activity on your credit report—and you can do that without carrying debt.

Does the average person have credit card debt?

Based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau (based on 2022 and 2021 data respectively), it can be calculated that each American household carries an average of $7,951 in credit card debt in a year.

Is everyone struggling financially 2023?

In addition to the plethora of financial challenges consumers faced this past year, 65% of Americans experienced financial setbacks in 2023.

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