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What Is the Average Credit Card Debt in America in 2023?
The average amount of credit card debt per person varies depending on age, race, income and location. MoneyGeek analyzed key credit card debt statistics to explore the state of debt in the U.S. and understand the factors associated with credit card debt.
- There were 578.35 million credit card accounts in the U.S. in Q2 2023, up 5.2% — or 28.5 million — since Q2 2022.
- Credit card debt totaled $1.031 trillion in Q2 2023, up from $887 billion in Q2 2022 — a 20-year high.
- The average cardholder had $6,568 in credit card debt in Q2 2023, up from $5,963 in Q2 2022.
- Individuals 75 or older had the most debt ($8,100), and those under 35 had the least ($3,700).
- Alaska had the highest average credit card debt at $7,338; Wisconsin had the lowest average at $4,808.
- Americans in the 60th to 79.9th annual income percentile were most likely to carry debt; approximately 57% of individuals in this income bracket had credit card debt.
- White Americans had the highest average debt per person of any racial group ($6,900), while those who identified as Black or African American had the lowest ($3,900).
Source: Federal Reserve Bank of New York, Survey of Consumer Finance
Credit Card Debt Trends
According to data from the New York Federal Reserve, the average credit card balance in the US displayed notable fluctuations from 2003 to 2023. The balance steadily rose from $688 billion in Q1 2003 to a peak of $866 billion in Q4 2008, before descending to a low of $659 trillion in Q1 2014. The 2008 financial crisis likely contributed to a subsequent reduction. From 2015, an upward trajectory resumed, with a slight dip in 2020 possibly linked to the COVID-19 pandemic's economic impact.
However, by Q2 2023, the balance reached a two-decade high of $1.031 trillion, highlighting an increased reliance on credit cards over the 20-year span due to high inflation and other macroeconomic factors that followed the pandemic.
Balance transfer cards help you pay off existing credit card debt while avoiding costly interest fees. Learn more about if a balance transfer card is right for you and find the best balance transfer card for you based on MoneyGeek's top picks.
Average Credit Card Debt by Age
Credit card debt tends to vary by age. MoneyGeek’s analysis of data from the Federal Reserve’s 2019 Survey of Consumer Finances found that, on average, older adults have more credit card debt than younger adults.
Data showed that people 35 or younger have the lowest average credit card debt at $3,700. Around 48% of individuals in this age group carry debt.
Adults 75 or older have the highest average credit card debt at $8,100, but just 28% of people in this age group have debt.
Meanwhile, 52% of Americans 45–54 years old have credit card debt, making them the age group most likely to carry it. The average credit card debt for this age group is $7,700.
>> MORE: BALANCE TRANSFER CREDIT CARD VS. DEBT CONSOLIDATION
Average Credit Card Debt by Age
Age Group | Median Credit Card Debt | Average Credit Card Debt | Percentage Who Carry Debt |
---|---|---|---|
Younger than 35 | $1,900 | $3,700 | 48% |
35-44 | $2,600 | $6,000 | 51% |
45-54 | $3,200 | $7,700 | 52% |
55-64 | $3,000 | $6,900 | 47% |
65-74 | $2,900 | $7,000 | 41% |
75 or older | $2,700 | $8,100 | 28% |
Average Credit Card Debt by State and Region
Credit card debt in the U.S. varies significantly by region and state, influenced by economic factors and spending behaviors. Our analysis highlights these disparities, focusing on regional trends and pinpointing the highest and lowest debt states.
Regional Analysis
Northeast: States such as Connecticut ($6,825), New Jersey ($6,819), and New York ($6,269) hold some of the highest debts. This region has an average of around $6,000, influenced by high costs of living and significant metropolitan areas.
Midwest: States like Wisconsin ($4,808) and Iowa ($4,811) exhibit some of the lowest debts in the nation. The Midwest averages around $5,200, reflecting a generally lower cost of living.
South: Texas ($6,542) and Virginia ($6,477) top the list in the South, with states like West Virginia ($5,005) at the lower end. The South's average hovers around $5,600, indicating varied economic conditions.
West: Alaska takes the lead with $7,338, significantly higher than many other states. The West has a diverse debt range but averages approximately $5,800, affected by states like California ($6,030) and Nevada ($6,176).
Top and Bottom States
Highest Average Debt: Alaska stands out with the highest average credit card debt of $7,338. Following closely are Connecticut ($6,825) and New Jersey ($6,819).
Lowest Average Debt: Wisconsin holds the lowest average at $4,808, closely followed by Iowa ($4,811) and West Virginia ($5,005). These states benefit from a lower cost of living and potentially more conservative spending habits.
Average Credit Card Debt by State
State | Average Credit Card Debt |
---|---|
Alabama | $5,364 |
Alaska | $7,338 |
Arizona | $5,755 |
Arkansas | $5,183 |
California | $6,030 |
Colorado | $6,274 |
Connecticut | $6,825 |
Delaware | $6,015 |
Florida | $6,408 |
Georgia | $6,265 |
Hawaii | $6,343 |
Idaho | $5,181 |
Illinois | $6,011 |
Indiana | $5,017 |
Iowa | $4,811 |
Kansas | $5,532 |
Kentucky | $4,894 |
Louisiana | $5,577 |
Maine | $5,078 |
Maryland | $6,668 |
Massachusetts | $6,046 |
Michigan | $5,265 |
Minnesota | $5,425 |
Mississippi | $4,912 |
Missouri | $5,417 |
Montana | $5,385 |
Nebraska | $5,312 |
Nevada | $6,176 |
New Hampshire | $5,944 |
New Jersey | $6,819 |
New Mexico | $5,350 |
New York | $6,269 |
North Carolina | $5,658 |
North Dakota | $5,408 |
Ohio | $5,320 |
Oklahoma | $5,654 |
Oregon | $5,316 |
Pennsylvania | $5,640 |
Rhode Island | $5,867 |
South Carolina | $5,714 |
South Dakota | $5,071 |
Tennessee | $5,432 |
Texas | $6,542 |
Utah | $5,535 |
Vermont | $5,159 |
Virginia | $6,477 |
Washington | $6,043 |
Washington, D.C. | $6,904 |
West Virginia | $5,005 |
Wisconsin | $4,808 |
Wyoming | $5,745 |
Credit Card Debt by Income
By analyzing data from the Federal Reserve’s Survey of Consumer Finances, MoneyGeek found that credit card debts and balances vary by household income.
Generally, households with higher incomes tend to have higher credit card debts. For instance, households in the highest income percentile — 90th to 100th — have an average of $12,600 of credit card debt. That's more than three times more than the income bracket with the lowest average debt. Those with the lowest annual income percentile — less than the 20th — had the lowest average credit card debt ($3,800).
Americans in the 60th to 79.9th annual income percentile were most likely to carry debt; approximately 57% of individuals in this income bracket had credit card debt.
Average Credit Card Debt by Income
Income Percentile | Median Credit Card Debt | Average Credit Card Debt | Percentage Who Carry Debt |
---|---|---|---|
Less than 20 | $1,100 | $3,800 | 30% |
20–39.9 | $1,900 | $4,700 | 46% |
40–59.9 | $2,400 | $4,900 | 55% |
60–79.9 | $3,600 | $7,000 | 57% |
80–89.9 | $5,000 | $9,700 | 46% |
90–100 | $6,000 | $12,600 | 32% |
Credit Card Debt by Race & Ethnicity
U.S. residents identifying themselves as white (non-Hispanics) reported an average of $6,900 credit debt, according to the Federal Reserve’s Survey of Consumer Finances. This group had the highest average credit card balance of any surveyed.
Black and African-American non-Hispanic cardholders recorded the lowest amount of credit card debt at an average of $3,900 per cardholder.
Hispanic and Latino cardholders had an average of $5,500 credit card debt per person during the same period.
Those who identified with a race outside those mentioned above or as multiple races averaged $6,300 of credit card debt.
Hispanics and Latino cardholders had the highest percentage of individuals with debt at 50%. Those who identified as other or multiple races had the lowest rate of individuals who carried debt at 44%.
Average Credit Card Debt by Race & Ethnicity
Race | Median Credit Card Debt | Average Credit Card Debt | Percentage Who Carry Debt |
---|---|---|---|
White (Non-Hispanic) | $3,200 | $6,900 | 45% |
Black or African-American (Non-Hispanic) | $1,300 | $3,900 | 48% |
Hispanic or Latino | $1,900 | $5,500 | 50% |
Other or Multiple Races | $2,400 | $6,300 | 44% |
Expert Insights
Dealing credit card can be difficult, but it doesn't have to be impossible. Our panel of experts weighed in on some of the best ways to pay down credit card debt and related topics.
- What's the most important thing for credit card holders to know about credit card debt?
- What are the best options to pay off credit card debt?
- How much credit card debt is too much?
- What happens when you're considered delinquent on a credit card payment?
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About Doug Milnes, CFA

sources
- Federal Reserve Bank of New York. "Center for Microeconomic Data – Data Bank." Accessed April 8, 2022.
- Federal Reserve. "Survey of Consumer Finances." Accessed April 8, 2022.
- Experian. "Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years." Accessed April 8, 2022.
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