What is the average credit card balance in the United States?
Average Credit Card Balances up 13.2% to $5,910 in 2022, Experian.
How many credit cards does the average person have? According to the latest figures from Experian, the average American has 3.84 credit cards with an average credit limit of $30,365. And their credit journey usually begins early, with the average Gen Z consumer having 2.1 credit cards.
Credit cards are issued with credit limits, or maximums that dictate how much a cardholder can spend on the card before needing to pay the card's balance. According to a recent report by Experian, the 2022 average credit limit for Americans across all credit cards was $28,930.
The average annual percentage rate (APR) for credit cards where the user has a balance is 22.63% as of February 2024, according to the most recent numbers from the Federal Reserve. But the average credit card APR isn't necessarily the rate you'll get when you open a card.
The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.
Gen X has the highest average debt balance in all categories, except for personal loans. Here's the breakdown: Credit cards: Gen X have the highest credit card balance compared to other age groups, at $8,215. Auto loans: Gen X have the highest auto loan balance, at $21,570.
What is the average credit card debt in the U.S.? 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.
There are a couple ways credit card debt can damage your credit score: High balances: A major factor in your credit score is your credit utilization ratio (your credit card balances divided by their credit limits). Once this number gets above about 30%, it's bad for your credit.
Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714. Achieving a good credit score can help you qualify for a credit card or loan with a lower interest rate and better terms.
If you're just starting out, a good credit limit for your first card might be around $1,000. If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.
What is the average first credit card limit?
Average credit limits
Because many consumers apply for store cards as their first credit card, your first credit limit is generally going to be on the low end. Though Equifax notes these retail cards averaging between $2,000 to $2,500, credit limits can be much less than that — in some cases below $1,000.
On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.
Answer: Total U.S. credit card debt: Over $1 trillion. Average debt per customer: $5,900.
What is an average minimum credit card payment? Your credit card minimum payment is based on your credit card balance and is either a flat percentage of your balance or a percentage plus interest and fees. The average flat percentage is anywhere from 2% to 4%, while the average percentage plus rates and fees is 1%.
| FIGURE | AMOUNT |
|---|---|
| Average credit card debt, Q3 2023 | $6,501 |
| Average store card balance, Q3 2022 | $1,110 |
| Average revolving credit card balance, 2022 | $5,910 |
| Delinquency rate of all credit card loans from commercial banks, Q3 2023 | 2.98% |
| Age by decade | Average net worth | Median net worth |
|---|---|---|
| 40s | $713,796 | $126,881 |
| 50s | $1,310,775 | $292,085 |
| 60s | $1,634,724 | $454,489 |
| 70s | $1,588,886 | $378,018 |
| Q3 2023 | Q3 2021 | |
|---|---|---|
| Millennials27–42 | $6,521 $6,521 | $4,576 $4,576 |
| Gen X43–58 | $9,123 $9,123 | $7,070 $7,070 |
| Baby boomers59–77 | $6,642 $6,642 | $5,804 $5,804 |
| Silent Generation78+ | $3,412 $3,412 | $3,177 $3,177 |
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. The exact definition of debt free can vary, though, depending on whom you ask.
- Oklahoma: Least Indebted State. Score: 0 out of 100. The Sooner State has the fourth-lowest government debt in the nation at just $4,786.67 per capita. ...
- Iowa. Score: 4.65 out of 100. ...
- New Hampshire. Score: 17.44 out of 100. ...
- Nebraska. Score: 17.44 out of 100. ...
- Ohio. Score: 20.93 out of 100.
Research from financial services company Northwestern Mutual found that excluding mortgages, the average personal debt per individual sat at $21,800 in 2023, significantly lower than the $29,800 recorded in 2019.
Who owns over 70% of the US debt?
Of the $33T of debt, roughly 78% is owned by the public (70% US vs 30% International). The major US public owners include the FED ($6T, but they are no longer buyers), mutual funds, banks, states, pension funds and insurance companies.
Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year. Paying off that bill?
Women are stereotypically seen as irresponsible spenders, but the data doesn't back this up. According to a 2019 Experian study, men carry more debt than women across nearly all categories, including credit card debt — the study found that men have $125 more in credit card debt than women on average.
According to a LendingTree analysis of more than 350,000 credit reports, the average unpaid credit card balance was $6,864 in the fourth quarter. Overall, US household debt (including credit card balances) rose to a new high of $17.5 trillion in the fourth quarter, up 1.2% from the prior three-month period.
“That's because the best balance transfer and personal loan terms are reserved for people with strong credit scores. $20,000 is a lot of credit card debt and it sounds like you're having trouble making progress,” says Rossman.
