Americans have an absolute mountain of credit card debt — $925 billion, to be exact.
This credit card debt statistics page tracks Americans’ credit card use each month. We update this page regularly, looking at how much debt people have, how often they carry a balance month to month, how often they pay their credit card bills late and more.
On this page
- How much credit card debt do Americans have?
- Which states’ residents have the most credit card debt?
- What percentage of credit card accounts carry a balance?
- What’s the average interest rate on people’s credit cards? What about those who carry a balance?
- How many Americans are currently delinquent with their credit card payments?
How much credit card debt do Americans have?
Americans’ total credit card balance is $925 billion in the third quarter of 2022, according to the latest consumer debt data from the Federal Reserve Bank of New York. That’s a $38 billion jump from $887 billion in the first quarter of 2022.
Since the third quarter of 2021, credit card balances have risen by $121 billion. That’s a 15% increase, the largest year-over-year jump in more than 20 years.
With the increase, Americans’ credit card debt stands just $2 billion below the record set in the fourth quarter of 2019, when balances stood at $927 billion. Thanks to rising interest rates, stubborn inflation and myriad other economic factors, it’s likely just a matter of time before credit card balances surpass the 2019 record.
Though balances aren’t quite at record levels yet, they’re still light years above the $480 billion seen more than 20 years ago in the first quarter of 1999.
Card debt showed hockey-stick growth until the financial collapse in 2008, when balances fell from $866 billion in the fourth quarter of 2008 to $660 billion in the first quarter of 2013. But, as you can see in the chart below, the hockey stick returned.
Then, when the pandemic took hold in 2020, credit card balances plunged again — from $927 billion in the fourth quarter of 2019 to $770 billion in the first quarter of 2021. But — again — the hockey stick returned, thanks to a massive spike in the fourth quarter of 2021.
Which states’ residents have the most credit card debt?
Credit cardholders in Connecticut have the highest average credit card debt of any state, according to LendingTree data, while those in Kentucky have the lowest.
LendingTree analysts reviewed anonymized December 2022 credit report data from more than 370,000 LendingTree users to calculate these averages and create a list of states with the most debt.
Overall, the national average card debt among cardholders with unpaid balances in December 2022 was $7,279. That includes debt from bank cards and retail credit cards.
The four states with the highest debt are in the Northeast, while three of the four with the lowest are in the South. There are major differences in the balances at the top and bottom of our rankings, with Connecticut cardholders owing $9,408 and Kentucky’s owing $5,408. That means the average Connecticut balance is 74.0% higher than the average balance in Kentucky.
In comparing anonymized December 2021 and December 2022 data, we found that 25 of the 50 states saw their average credit card debt grow by 10% or more. Two states’ average debt grew by more than 20% — Mississippi at 25.2% and North Dakota at 24.4%. Meanwhile, only Colorado (down 0.3%), California (down 1.7%) and Virginia (down 2.5%) saw their debt averages decrease.
What percentage of credit card accounts carry a balance?
Americans carried a balance on 53% of all active credit card accounts in the second quarter of 2022, according to the most recent available data from the American Bankers Association.
Job No. 1 for anyone with a credit card is to pay off that balance in full at the end of each month. But we all know that life happens, and that means that it’s not always possible to pay off your credit cards each month.
Unfortunately, most people with an active credit card account don’t always pay their bills in full. More than half (53%) of all active accounts carried a balance in the second quarter of 2022, the most recent quarter for which we have data. That’s down 1 percentage point from the first quarter of 2022 and marks the first quarterly decline since the second quarter of 2021. Even with the recent increases, however, that percentage is still well below pre-pandemic levels. For example, 60% of active accounts carried a balance in the first quarter of 2019 before falling throughout 2020 to as low as 51% in the second quarter of 2021.
If you look at all credit card accounts, the American Bankers Association data shows that 40% of accounts were active and carried a balance at some point in the second quarter of 2022, 36% of accounts were active but didn’t carry a balance and 24% of accounts were dormant for the quarter.
What’s the average interest rate on people’s credit cards? What about those who carry a balance? What about new credit card offers?
For all credit cards, the average APR in the fourth quarter of 2022 was 19.07%.
For cards accruing interest, the average in the fourth quarter of 2022 was 20.40%.
For new credit card offers, the average today is 23.55% — the highest rate we’ve seen since we began tracking rates monthly in 2019.
| Average APRs for new credit card offers and current card accounts | |
| Average APR for new credit card offers | 23.55% |
| Average APR for all current card accounts | 19.07% |
| Average APR for all accounts that accrue interest | 20.40% |
Sources: LendingTree data, Federal Reserve
The Federal Reserve’s G.19 consumer credit report showed that the average APR for all current credit card accounts jumped to 19.07% in the fourth quarter of 2022, up from 16.27% in the third quarter. Meanwhile, APRs for cards accruing interest shot up to 20.40%, way up from 18.43% in the third quarter. According to the Fed, the average for all card accounts and for those accruing interest are both the highest they’ve been since tracking began in 1994.
If you’re planning to get a new credit card, your interest rate will likely be higher than those listed above. The latest LendingTree data on credit card APRs shows that the average APR with a new credit card offer is 23.55%, with the average card offering an APR range of 20.10% to 27.00%, with your rate varying based on your creditworthiness. Those rates have risen significantly in recent months, thanks to the Federal Reserve’s announcement of seven interest rate hikes in 2022 and another at its first meeting of 2023 (Jan. 31 and Feb. 1). Unfortunately, more rate hikes are expected, including one at the Fed’s next meeting on March 21 and 22. When this happens, cardholders should expect to see their cards’ APRs rise in the next billing cycle or two as a result.
And as the chart below shows, the rate you’re offered can also vary widely based on the type of card for which you apply.
Average interest rates on new credit card offers in the U.S. in February 2023
| Category | Minimum APR | Maximum APR | Average | Previous month |
|---|---|---|---|---|
| Average APR for all new card offers | 20.10% | 27.00% | 23.55% | 23.39% |
| 0% balance transfer cards | 17.85% | 26.83% | 22.34% | 22.33% |
| No-annual-fee cards | 19.53% | 26.78% | 23.16% | 23.05% |
| Rewards cards | 19.89% | 27.07% | 23.48% | 23.22% |
| Cash back cards | 20.00% | 26.83% | 23.42% | 23.07% |
| Travel rewards cards | 20.03% | 27.69% | 23.86% | 23.64% |
| Airline credit cards | 20.24% | 28.40% | 24.32% | 24.32% |
| Hotel credit cards | 20.67% | 28.44% | 24.56% | 24.05% |
| Low-interest credit cards | 13.22% | 22.78% | 18.00% | 18.31% |
| Grocery rewards cards | 19.64% | 27.30% | 23.47% | 23.48% |
| Gas rewards cards | 20.03% | 27.12% | 23.58% | 23.51% |
| Dining rewards cards | 19.79% | 27.44% | 23.61% | 23.63% |
| Student credit cards | 20.30% | 26.30% | 23.30% | 23.06% |
| Secured credit cards | 26.25% | 26.25% | 26.25% | 25.34% |
Source: LendingTree review of publicly available terms and conditions for about 200 U.S. credit cards
Of course, your best move is to make those interest rates a moot point by paying your card debt in full, but that’s often easier said than done.
How many Americans are currently delinquent with their credit card payments?
Just 2.08% of credit card accounts are currently at least 30 days delinquent.
According to the most recent delinquency data from the Fed, the 30-day delinquency rate (or the number of consumers who are currently at least 30 days late with their credit card payment) rose from 1.85% to 2.08% in the third quarter of 2022.
That’s the fourth straight quarter of increases, pushing rates above 2% for the first time since the fourth quarter of 2020. However, delinquency rates are still near historic lows. Before falling below 2% in the first quarter of 2021, rates had never dropped below that number since tracking began in 1991.
It’s a huge difference from what we saw during the Great Recession, when delinquencies peaked at nearly 7% in 2009.
FAQs
What percentage of Americans have credit card debt? ›
A separate survey conducted by Inside 1031 found that 55% of people carry a credit card balance from month to month.
How many people don't pay off their credit cards? ›"Almost half of card holders are carrying debt from month to month," Rossman says. "And that debt is as expensive as ever." Lower-income cardholders are more likely to carry a balance. But even among people making $100,000 a year or more, 37% don't pay the their credit card bill in full every month.
How much credit card debt does the average 23 year old have? ›Average Credit Card Debt by Age
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.
The average American had $5,525 in credit card debt in 2021. Credit card debt is the second largest debt source behind mortgage debt.
How many Americans have over 10k in credit card debt? ›A third poll, from the personal finance website GOBankingRates, found that 14 million Americans owe more than $10,000 in credit-card debt.
Are people using credit cards more due to inflation? ›As daily expenses stay high due to inflation, more Americans are relying on credit cards to make ends meet and fewer are able to pay their bills in full at the end of the month. Now, 46% of credit cardholders carry debt from month to month, up from 39% last year, according to a new report by Bankrate.
How many Americans have zero credit card debt? ›Finally, 15 percent of households have no credit card debt but zero emergency savings.
How much debt is the average American in? ›The average American holds a debt balance of $96,371, according to 2021 Experian data, the latest data available. That's up 3.9 percent from 2020's average balance of $92,727, largely due to the rising balance of mortgage and auto loans.
What is the average credit score in America? ›Credit scores help lenders decide whether to grant you credit. The average credit score in the United States is 698, based on VantageScore® data from February 2021.
Is 725 a good credit score for a 23 year old? ›A “good” credit score based on FICO's criteria is 670-739, a “very good” score is 740-799 and an “exceptional” score is 800-850.
Is 760 a good credit score for a 23 year old? ›
Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 760 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders.
What is the average debt of a 55 year old? ›Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.
Do most people pay off their credit cards? ›Nearly Half Pay Their Bill in Full Every Time
9.12% pay off as much as they can. 13.38% make only the minimum payment. 26.07% pay more than the minimum but never the full balance. 44.10% pay it off completely.
It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.
Why do people not pay off their credit card? ›One major reason people pay bills late: They simply forget.
Of those that were delinquent, 35% said they paid late because they forgot to pay their bill. Another 33% said they paid late because they needed the money to pay for essentials. And 32% said it was because they had an unexpected emergency.
The key is to keep your balance at or below 30 percent of your credit limit to help improve and maintain a good credit score, which means having no balance at all is even more helpful.