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.
Average Credit Card Debt in America
Updated: September 5, 2024
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What Is the Average Credit Card Debt in America in 2024?
KEY TAKEAWAYS ON AVERAGE CREDIT CARD DEBT
- There were 599 million credit card accounts in the U.S. in Q2 2024, up 3.6% — or nearly 21 million — since Q2 2023.
- Credit card debt totaled $1.14 trillion in Q2 2024, up from $1.03 trillion in Q2 2023 — a 20-year high.
- The average cardholder had $7,209 in credit card debt in Q1 2024, up from $6,740 in Q1 2023.
- Individuals 65 to 74 years old had the most debt ($7,700), and those 75 and older had the least ($4,000).
- Alaska had the highest average credit card debt at $7,863; Iowa had the lowest average at $5,227.
- Americans in the 40th to 59.9th 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 Hispanic or Latino had the lowest ($4,200).
Source: Federal Reserve Bank of New York, Survey of Consumer Finance, Experian 1, Experian 2
Credit Card Debt Trends
According to data from the New York Federal Reserve, the average credit card balance in the U.S. displayed notable fluctuations from 2003 to the early parts of 2024. 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 dip in 2020 possibly linked to the COVID-19 pandemic's economic impact.
However, by Q2 2024, the balance reached a two-decade high of $1.14 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.
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Average Credit Card Debt by Age
Credit card debt tends to vary by age. MoneyGeek’s analysis of data from the Federal Reserve’s 2022 Survey of Consumer Finances found that, on average, older adults have more credit card debt than younger adults.
However, this does not encompass all older adults. Data showed that people 75 and older have the lowest average credit card debt at $4,000. Around 30% of individuals in this age group carry debt. This age group has experienced the most dramatic decline in credit card debt since the pandemic, when in 2019, the average was $8,100.
Adults aged 65 to 74 have the highest average credit card debt at $7,700, and roughly 34% of people in this age group have debt.
Meanwhile, 57% of Americans between the ages of 45 and 54 have credit card debt, making them the age group most likely to carry it. The average credit card debt for this age group is $6,700.
Average Credit Card Debt by Age
Age Group | Median Credit Card Debt | Average Credit Card Debt | Percentage Who Carry Debt |
|---|---|---|---|
Younger than 35 | $1,700 | $4,100 | 49% |
35–44 | $2,900 | $6,400 | 53% |
45–54 | $3,000 | $6,700 | 57% |
55–64 | $3,500 | $7,500 | 44% |
65–74 | $3,500 | $7,700 | 34% |
75 or older | $1,700 | $4,000 | 30% |
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 New Jersey ($7,401), Connecticut ($7,381) and New York ($6,809) hold some of the highest debts. This region has an average of around $6,500, influenced by high costs of living and significant metropolitan areas.
Midwest: States like Iowa ($5,227) and Wisconsin ($5,242) exhibit some of the lowest debts in the nation. The Midwest averages around $5,800, reflecting a generally lower cost of living.
South: Maryland ($7,282) and Texas ($7,211) top the list in the South, with states like Kentucky ($5,304) at the lower end. The South's average hovers around $6,400, indicating varied economic conditions. While not a state, the District of Columbia is in the Southern U.S., with an average credit card debt of $7,548.
West: Alaska takes the lead with $7,863, significantly higher than many other states. The West has a diverse debt range but averages approximately $6,500, affected by states like Hawaii ($7,107) and Colorado ($6,996).
Top and Bottom States
Highest Average Debt: Alaska stands out with the highest average credit card debt of $7,863. Following closely are New Jersey ($7,401) and Connecticut ($7,381).
Lowest Average Debt: Iowa holds the lowest average at $5,227, closely followed by Wisconsin ($5,242) and Kentucky ($5,304). These states benefit from lower living costs compared to the national average.
Average Credit Card Debt by State
State | Average Credit Card Debt |
|---|---|
Alabama | $5,878 |
Alaska | $7,863 |
Arizona | $6,497 |
Arkansas | $5,667 |
California | $6,736 |
Colorado | $6,996 |
Connecticut | $7,381 |
Delaware | $6,622 |
District of Columbia | $7,548 |
Florida | $7,112 |
Georgia | $6,955 |
Hawaii | $7,107 |
Idaho | $5,876 |
Illinois | $6,553 |
Indiana | $5,502 |
Iowa | $5,227 |
Kansas | $5,939 |
Kentucky | $5,304 |
Louisiana | $6,141 |
Maine | $5,614 |
Maryland | $7,282 |
Massachusetts | $6,603 |
Michigan | $5,787 |
Minnesota | $5,906 |
Mississippi | $5,415 |
Missouri | $5,902 |
Montana | $5,877 |
Nebraska | $5,811 |
Nevada | $6,987 |
New Hampshire | $6,497 |
New Jersey | $7,401 |
New Mexico | $5,833 |
New York | $6,809 |
North Carolina | $6,205 |
North Dakota | $5,895 |
Ohio | $5,759 |
Oklahoma | $6,145 |
Oregon | $5,986 |
Pennsylvania | $6,111 |
Rhode Island | $6,419 |
South Carolina | $6,239 |
South Dakota | $5,524 |
Tennessee | $5,993 |
Texas | $7,211 |
Utah | $6,271 |
Vermont | $5,638 |
Virginia | $7,002 |
Washington | $6,723 |
West Virginia | $5,348 |
Wisconsin | $5,242 |
Wyoming | $6,227 |
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 $11,200 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 ($3,600).
Americans in the 40th to 59.9th 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 | $1,400 | $3,600 | 33% |
20–39.9 | $1,600 | $3,800 | 46% |
40–59.9 | $2,500 | $6,000 | 57% |
60–79.9 | $3,500 | $7,400 | 54% |
80–89.9 | $5,000 | $8,900 | 45% |
90–100 | $6,000 | $11,200 | 26% |
Credit Card Debt by Race and 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.
Hispanic and Latino cardholders recorded the lowest amount of credit card debt at an average of $4,200 per cardholder.
Black and African-American non-Hispanic cardholders had an average of $4,400 credit card debt per person during the same period. Those who identified with a race outside those mentioned above or as multiple races averaged $5,900 in credit card debt.
Black and African-American cardholders had the highest percentage of individuals with debt at 56%. Those who identified as white (non-Hispanic) had the lowest rate of individuals who carried debt at 42%.
Average Credit Card Debt by Race and Ethnicity
Race and/or Ethnicity | Median Credit Card Debt | Average Credit Card Debt | Percentage Who Carry Debt |
|---|---|---|---|
White (Non-Hispanic) | $3,000 | $6,900 | 42% |
Black or African-American (Non-Hispanic) | $1,700 | $4,400 | 56% |
Hispanic or Latino | $1,700 | $4,200 | 56% |
Other or Multiple Races | $3,000 | $5,900 | 43% |
Expert Insights
Dealing with credit card debt 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?
Radhika DuggalCMO, Super.com and Professor at NYU Stern School of Business
Kortney Ziegler, PhDFounder and CEO at WellMoney.com
Kyle Dodrill, CFPInvestment Advisor at Deschutes Investment Consulting LLC
Todd ChristensenAccredited Financial Counselor and Education Manager, Money Fit by Debt Reduction Services, Inc.
Freddie HuynhVice President of Data Optimization at Freedom Financial Network
Jordan Grzesczyk, CFPCertified Financial Planner, Transverse Wealth Solutions
Irene SkrickiPolicy Analyst in the Office of Community Affairs of the Consumer Finance Protection Bureau's Consumer Education and Engagement Division
Sean FoxPresident of Freedom Debt Relief
MONEYGEEK EXPERT COMMENTARY
With high inflation during the last several years and interest rate hikes, it's getting harder for people to pay down their credit card debt.
Dan Schuessler, co-founder of MoneyGeek, explains that higher interest rates make it tougher to reduce balances because more of the payment goes toward interest instead of the principal. Coupled with higher prices, this is a big reason why credit card debt is now over $1.1 trillion and continues to grow.
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- 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.
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- Best Credit Cards for Bad Credit (300–579) in 2024: 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.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
sources
- Federal Reserve Bank of New York. "Center for Microeconomic Data – Data Bank." Accessed September 2, 2024.
- Federal Reserve. "Survey of Consumer Finances." Accessed September 2, 2024.
- Experian. "Average Credit Card Debt Increases 10% to $6,501 in 2023." Accessed September 2, 2024.
- Experian. "Consumers With One Credit Card Have Better Credit on Average, Lower Debt." Accessed September 2, 2024.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.