Average American Credit Card Debt

Of course not every consumer carries a credit card.

Average american credit card debt. Time will tell the economic effects of the COVID-19 pandemic and whether credit card debt will continue to decrease or not. Gen X has the highest average debt balance in all. American credit card holders have been paying down their account balances in recent months.

The total payments would amount to 22869. 55 of credit card users dont always pay in full. Across age groups Baby Boomers have the highest average credit card debt per person at 8684 followed by Gen X 8079By comparison millennials have an average of 5026 and Gen Zers have a much lower average 1736.

Average credit card debt per card sits at 4293 while 594 of consumers own at least one credit card up 3 year-over-year. According to Experian in 2019 the average American household carried 6194 in credit card debt. Credit card debt has crept higher each year and American consumers began the year 2020 carrying a whopping 1 trillion in credit card debt.

Credit card debt is high and getting higher as Americans are growing laxer about accumulating credit card debt. In this post Ill talk about credit card debt in America. The average credit card debt is 6028.

Currently sitting 799 billion American credit card debt has increased over 42 since 2011. Thats a decrease of 14 compared with January of this year when the average credit card balance was 6193. According to Experian the average credit card balance was 5338 in May 2020.

As of November 2020 consumer debt is at 142 trillion with Americans carrying an average personal debt of 92727. Average credit card debt statistics you should not ignore. The overall debt figure includes credit card balances student loans.