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: March 21, 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 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.
MONEYGEEK EXPERT TIP
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CREDIT CARDS THAT COULD HELP LOWER DEBT
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?
Radhika DuggalCMO, Super.com and Professor at NYU Stern School of Business
The most important thing to keep in mind is that credit is a double-edged sword: you need credit to access the US Financial System, the key to financial security in our country. But with credit can come debt; unpaid bills can start hurting credit scores quickly. It’s important to minimize credit card debt, be knowledgeable of your credit score and what drives it and do everything you can to maintain a good, very good or exceptional score.
Tools like <a href=" https://www.super.com/cash" target="_blank">SuperCash</a>, which allow you to only spend what you have pre-loaded onto the card, thereby minimizing debt while still enabling you to build your credit, are great options.
There is no right or wrong approach to paying off credit card debt. That said, if you have multiple cards with different interest rates and payoff requirements, I would first recommend mapping them out in Google Sheets or Excel, simply so you can compare the debt amounts, rates and terms. Then, I recommend paying off the highest-interest debt first; this is essentially the debt that costs you the most, so it's the debt you want to move off your "personal balance sheet" the most quickly.
While you're doing this, it can also be wise to open a "balance transfer" card that allows consumers to transfer outstanding balances to a card with low or no interest within a certain period of time. It is important to remember that even though this allows consumers to pay down their debt interest-free, late payments on this card may still result in fees.
What is considered "too much" debt will vary depending on a person's specific financial situation. It's important to consider a person's income in relation to their debt; if debt payments take up a significant portion of monthly income, it may be time to reevaluate. That said, I personally strive for zero credit card debt. Doing so forces me to live within my means, and while this may not be possible for all of us at all times, it's a great aspiration to strive for.
Unfortunately, being delinquent on a credit card payment can decrease your credit score and impact your ability to borrow money in the future. Your lender may also increase your interest rate and, in some circumstances, even cancel your card. Remember, it’s expensive to have bad credit, so do what you can to avoid that in the first place.
Kortney Ziegler, PhDFounder and CEO at WellMoney.com
The most important advice for credit card users is always to settle the full balance each month to prevent interest from building up. It's also essential to be aware of the terms of your credit card agreement and to manage your expenses wisely to prevent accruing more debt than you can easily afford to return.
Below are the best options to pay off your credit card debt:
- **Create a budget and stick to it**. By keeping track of your spending and ensuring that all payments are made on time, you can stop yourself from getting into more debt and ensure that your payments are going toward paying off your existing debt.
- **Benefit from debt transfers**. You can shift the amount from one card to another with a lower interest rate if you have multiple credit cards. By doing this, you might be able to pay off the debt more quickly and eventually save money.
- **Get a loan to consolidate your debt.** This will let you combine all of your credit card debt.
Negotiate with creditors. If you have trouble making payments, you can negotiate with your creditors and get a lower interest rate or a reduced payment.
- **Enroll in a debt management program**. Enrolling in a debt management program can help you manage your debt and make timely payments. The program can also negotiate with creditors on your behalf and get a lower interest rate or reduced payment.
Kyle Dodrill, CFPInvestment Advisor at at Deschutes Investment Consulting LLC
The most important thing for an individual to know about credit cards is that credit card companies charge a very high interest rate on all outstanding balances. Credit card companies can charge individuals over 20% annually on their credit card balances. It is also essential for individuals to know the additional fees a credit card company may charge you outside of your interest rate.
There can be annual fees, late payment fees, balance transfer fees, etc. Lastly, individuals must understand how quickly credit card debt can get out of control. If you miss your credit card payments, the interest and fees will start adding up quickly, and you will soon find yourself in a challenging financial situation.
If you find yourself in credit card debt, the first thing to do is set a budget and determine how much of your monthly income you have to pay down your debt. Once determined, pay down your smallest credit card balances first, and then once you have paid off those balances, you can use the additional monthly cash flow to pay down your more significant balances. This strategy is called a "debt snowball," which can be very effective.
Due to their high-interest rates and extensive fees, individuals should do their best to avoid any credit debt. Keeping out of credit card debt can be achieved by setting a budget and living within one's means.
Credit card delinquency happens when you are 30 or more days late on your credit card payment. Being delinquent on your credit cards causes you to incur additional fees from the credit card company and potentially lowers your credit score, affecting your ability to borrow in the future.
Todd ChristensenAccredited Financial Counselor and Education Manager, Money Fit by Debt Reduction Services, Inc.
Every dollar you pay in credit card interest is a dollar you can’t invest (multiply) or use to buy something more important to you.
Making extra payments on your own to accelerate your debt repayment is the best option to repay debt because you will not incur any third-party fees. If you can negotiate a lower interest rate with your creditor, more of your monthly payment will go toward reducing your balance rather than to interest.
A debt consolidation loan will often include origination fees and carry a high interest rate, even if you can get qualified. Plus, if your credit card debt resulted from consumer spending, you can easily end up with twice the debt if you don’t curb your spending because you might start using your paid-off credit cards again within a few months, in addition to the new consolidation loan.
A debt management program through a nonprofit credit counseling agency can lower your interest rates, lower your monthly payment and still help get you out of debt in five years or less. There is no direct effect on your credit rating, but most agencies charge capped fees that vary by state.
Debt settlement companies promise to get you out of 50% of what you owe, but many clients will end up sued with their wages garnished before that possibility even arises. Plus, with their fees and the taxes, you will likely own on the written-off amount and still end up paying 75% to 85% or more of the original amount.
There are three ways to decide if you have too much credit card debt, depending on your personality and financial situation:
- Many people hate paying credit card interest so much that carrying any balance from one month to the next feels like too much.
- If your credit card debt strains your finances to the point that you have to forego any other financial priorities, you have too much credit card debt.
- If your credit card debt is such that you can’t even afford your minimum monthly payment, you have too much credit card debt.
Besides hurting your credit rating, a late payment can also result in your credit card company jacking up your interest rate to their default rate (aka penalty rate), which means you will pay even more in interest every month.
Freddie HuynhVice President of Data Optimization at Freedom Financial Network
In general, the process to collect on a debt begins when you do not pay the debt for (typically) 30 days after its due date. That payment is then reported as delinquent. It’s then that consumers may start to receive notices and/or calls from creditors.
Around 180 days after the original due date of the payment, the creditor might sell the debt to a collections agency. This is an indication that the creditor has given up on obtaining payment directly; it has decided that selling to a collections agency is a way to minimize their loss.
At that point, the debt collector gains the right to collect payment and the consumer will start to hear from the collector.
How long debt collectors can legally pursue debts depends on the state. Some states have a statute of limitations that will not allow a debt collector to work on collecting the debt once the debt has gone past that time limit. Others allow debt collectors to work to collect on the debt as long as they wish.
Jordan Grzesczyk, CFPCertified Financial PlannerTM Transverse Wealth Solutions
The most important thing for credit cardholders to know about credit card debt is the sometimes overlooked aspect of how much interest rates on this debt can add up over time.
Most people notice that they are being charged interest and may pay attention to the dollar amount of interest tacked on each month; however, the long-term effects are much more elusive, which is particularly obvious when you start focusing on the opportunity cost of having this debt. Paying down high-interest rate credit card debt could negatively affect your ability to build an emergency fund, save for upcoming expenses and even save for retirement.
Consider a credit card with a 14.99% APR; the common thinking between investing and paying down debt includes examining your weighted average interest rate on all of your debt and comparing that number to what can be earned through investing. An investor would have to take on a riskier investment approach to earn 14.99%, and this excess risk could expose their financial life to even more volatility and potential for adverse effects. Therefore, this individual may focus on paying down their credit card debt first, which takes away from savings to reach other goals, like saving for retirement.
There are numerous options for paying down credit card debt, including the avalanche approach, snowball debt repayment strategy and debt consolidation through balance transfers — to name a few. In my experience, one of the most financially sound approaches is the avalanche approach. This strategy includes setting aside a debt repayment amount every month, making the minimum payments on all your debts, and then using the leftover money to pay off your higher-interest debt as quickly as possible. With this method, you can potentially save on interest because you are paying off the most expensive loans first.
Obviously, this question is unique to each individual person, their circumstances and their overall financial plan. However, if someone is taking on so much debt that their monthly cash flow only allows them to make the minimum payment, I would consider that too much credit card debt. Only making the minimum payments on outstanding credit card loans can put you in the predicament discussed earlier, where not even investing on a risk-adjusted basis can help you keep up with the interest payments you are incurring throughout the year.
When it comes to credit card payments, being late by more than one month is considered delinquent. However, this information is typically not reported to credit reporting agencies until two or more payments are missed.
Delinquent accounts that appear on an individual’s credit report can lower their overall credit score as well as reduce their ability to borrow in the future. If you missed a credit card payment, the best thing you can do is to at least make a minimum payment as soon as the missed payment is noticed by the credit card holder.
Irene SkrickiPolicy Analyst in the Office of Community Affairs of the Consumer Finance Protection Bureau's Consumer Education and Engagement Division
The first step in getting a handle on your debt is to understand what you owe. Most people have regular obligations like rent, utilities, car payments and insurance payments in addition to credit card payments. These usually have a fixed due date, and you’ll likely pay a fee and risk a negative entry in your credit history if you’re late.
Interest and fees can add about 20% more to the cost of an item for average credit card customers unless you pay your balance off in full every month. Credit card debt continues to incur interest and fees until the debt has been paid. The sooner you pay your credit card debt, the less it will cost over time.
Consumers can consider two strategies to help pay off debt:
- The "debt snowball" method helps you pay off debts in order of smallest to largest amount owed.
- The "highest interest rate" method helps you pay off your debt with the highest interest rate as quickly as possible because it costs you the most.
Card issuers are required to let you know how long it will take you to pay off your current balance if you make no further charges and pay only the minimum amount due each month. They are also required to tell you on each statement — based on the balance as of the date of the statement — how much you need to pay each month to pay off your current balance in 36 months.
You do not have to pay any more than the minimum amount shown on your statement. However, the more you pay each month, the less interest you will pay over time. If you make only the minimum payment, it could take years to pay off your credit card.
There is no single right answer to this question. Every consumer’s situation is unique, and each consumer will need to make decisions about debt based on their own needs and goals.
One thing to consider is the impact of credit card debt on your credit score. Credit scoring models look at how close you are to being “maxed out,” so try to keep your balances low in proportion to your overall credit limit. Experts advise keeping your use of credit at no more than 30% of your total credit limit.
Once your payment is 30 days late, most credit card issuers will report the delinquency to credit reporting agencies. This will likely show up on your credit report and lower your credit score.
If you can't pay your credit card bill, it’s important that you act right away. Contact your credit card company immediately because many creditors may be willing to work with you to change your payment if you’re facing a financial emergency.
Sean FoxPresident of Freedom Debt Relief
The most important thing to know is that no credit card debt is good. Always charge only what you can pay off in full at the end of each billing cycle.
Many people only pay the minimum due each month because they do not understand all the ramifications. A credit card is only intended to be an item of convenience in purchasing, not a license to spend. If you pay only the minimum each month, consider:
- You end up paying more (often a lot more) than the purchase price of what you bought. Think about what happens if you have credit card debt of $3,000 with an 18% interest rate. A standard minimum payment of 3% comes to $90 per month. If you pay only that, you’ll pay a total interest of almost $2,700 – and need close to 16 years to pay off. That means what you bought really ended up costing almost twice the purchase price. <br/> Plenty of calculators are available online to enter different variables. All show the same conclusion.<br/> Also, be sure to look at the "Minimum Payment Warning" on credit card bills. A table in that section shows how much money and time is involved in paying off the balance if you're only making minimum payments.
- You will forfeit the chance to do something more productive with what you’re paying your credit card issuer in interest. If your card interest rate is 15%, and you pay off the balance, you effectively save yourself from losing 15% – which is a 15% return.
- You will fall further behind. As interest mounts, the minimum payment will often be just about the same amount as the previous month's interest. And if you are still actively using the card, you are falling even further behind the more you spend.
- Your credit score may fall because your utilization percent will rise. If your total credit card limit is, for example, $10,000, and your total credit card balance is $3,500, you have a 35% [credit utilization ratio](https://www.moneygeek.com/credit-cards/advice/credit-utilization-ratio/) — the percentage of your available credit that you are using. Utilization is very influential in credit score calculations, so it’s beneficial to keep it low.
The first step is to determine if there is any way you can pay down the debt on your own using a good budget and either the avalanche or snowball strategy.
Overall, the avalanche method will get you out of debt quicker while saving you more money — that’s because high interest rates compound quickly and can keep you in debt for a very long time. So, if you pay more on your debt with the highest interest rate, you’ll reduce the amount you spend on interest every month. Be aware, though, that paying off a debt in full could take months or years. For many people, it feels like they are not making progress, which can serve as a temptation to quit the plan altogether.
See if you can obtain any help available from your credit card issuer. With the COVID-19 pandemic, many issuers are still open to changing credit terms, setting up payment plans, deferring payments or waiving interest (not eliminating debt).
If you cannot pay off debt on your own, look into one or the following: <br/> Personal loans, [Balance transfer cards](https://www.moneygeek.com/credit-cards/balance-transfer/), Debt settlement, Debt management, Bankruptcy.
If you cannot pay off your balance in full by the due date each month, it’s too much debt. It’s also too much debt if you are unable to make progress toward your life and financial goals, which should be driving your household budget.
Related Content
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.
- Best Balance Transfer Credit Cards: 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.
- Best 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.
- Best Secured 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.
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 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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