Average Credit Card Debt in America

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 532 million credit card accounts in the U.S in Q4 2021, up 5% — or 26 million — since Q4 2020.
• Credit card debt totaled $860 billion in Q4 2021, still down from $893 billion in Q1 2020 — the last quarter before the pandemic — but up $40 billion from Q4 2020.
• The average cardholder had $5,934 in credit card debt in Q4 2021.
• Individuals 75 or older had the most average credit card debt ($8,100), and those under 35 had the least ($3,700).
• Alaska had the highest average credit card debt at $6,617 per person; Iowa had the lowest at $4,289.
• Americans in the 60th to 79.9th annual income percentile were most likely to carry debt (57%); those below the 20th percentile were the least likely (30%).
• White Americans had the highest average debt per person of any racial group ($6,900), while Black and African American cardholders had the lowest ($3,900).

While credit card debt decreased substantially during the first year of the COVID-19 pandemic, overall debt increased by $40 billion from Q4 2020 to Q4 2021, according to data from the Federal Reserve Bank of New York.

However, the debt that the average credit cardholder held didn’t increase substantially during this period. In Q4 2021, the average credit cardholder in the U.S. had $5,934 in credit card debt in Q4 2021 — about 0.6% less than Q4 2020’s $5,968 average. During this same period, Americans opened 26 million more credit card accounts.

Debt per capita was nearly $56,000 during Q4 2021, about $3,000 higher than the $53,000 reported in Q4 2020. In comparison, the total debt per capita was around $52,000 in Q1 2020, the last quarter before the COVID-19 pandemic.

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

How much credit card debt the average American has is impacted by where they live.

In Q3 2020, an Experian analysis found that people living in Alaska had the highest average credit card balance at $6,617 per person. The states where people had the next highest debts were Connecticut ($6,040), Virginia ($5,992), New Jersey ($5,978), Maryland ($5,977), Texas ($5,848), Georgia ($5,693), District of Columbia ($5,671), Florida ($5,623) and Hawaii ($5,614).

The state with the lowest average credit card debt is Iowa with $4,289. The states with the next-lowest average credit card debts were Wisconsin ($4,376), Kentucky ($4,521), Idaho ($4,582), Mississippi ($4,587), South Dakota ($4,633), Indiana ($4,651), Vermont ($4,653), Maine ($4,676) and Oregon ($4,681).

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.

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%.

MoneyGeek has various guides to help you better understand credit cards and credit card debts.

• Find the Credit Card That Works for You: MoneyGeek provides options for people looking for credit cards for a specific need. It includes links to various guides, tools and recommendations.
• How to Be Debt Free: MoneyGeek breaks down the results of not paying credit card debt on time. This guide also outlines helpful strategies to pay off your credit card debt.
• Understanding Credit Discrimination: Find out if you’re at risk and learn how to spot credit discrimination.
• Balance Transfer Credit Card Offers: One effective way to pay off your credit card balance is to move it to another card. MoneyGeek evaluates balance transfer credit cards to help you find the top options for your needs.
• Credit Cards for Bad Credit (300–579) in 2022: Having bad credit can make it challenging to get approval for a credit card. MoneyGeek found the best credit cards for people with bad credit.
• The Best Secure Credit Cards in 2022: It can be difficult to get a credit card if you have poor credit; fortunately, secure credit cards are available to people with low credit scores. MoneyGeek narrowed down the top available options.