Average Credit Card Debt in America: Statistics for 2024

Average Credit Card Debt in America: Statistics for 2024


10 Min Read

Did you ever think about what’s the average credit card debt in America? According to TransUnion, it is about $7,279 per borrower. How did this happen? Well, a combination of factors has led to an uptick in credit card usage and spending—and a corresponding increase in debt. While some people think we’re more fiscally responsible now than in previous decades, the truth is more complicated. Here is the average credit card debt in America (dollars/percentile):

credit card debt statistics

Source: Federal Reserve Survey of Consumer Finances

Average Interest Rates on New Credit Card Offers in the U.S. in 2024

The average interest rate on new credit card offers in the U.S. in December 2022 is 16.13%. It is based on Upgrated Points and Federal Reserve’s G.19 consumer credit survey of 100 major banks and credit unions that were asked to provide their interest rates for new consumer credit cards with a minimum $300 credit limit for credit card accounts.

APR is the annual cost of a loan to a borrower — including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as closing costs, discount points, and loan origination fees.

The table presents every category of credit cards that carry different ranges of APR:

Category Minimum APR Maximum APR Average
Average APR for all new card offers 20.10% 27.00% 23.55%
0% balance transfer cards 17.85% 26.83% 22.34%
No-annual-fee cards 19.53% 26.78% 23.16%
Rewards cards 19.89% 27.07% 23.48%
Cashback cards 20.00% 26.83% 23.42%
Travel rewards cards 20.03% 27.69% 23.86%
Airline credit cards 20.24% 28.40% 24.32%
Hotel credit cards 20.67% 28.44% 24.56%
Low-interest credit cards 13.22% 22.78% 18.00%
Grocery rewards cards 19.64% 27.30% 23.47%
Gas rewards cards 20.03% 23.58% 23.47%
Dining rewards cards 19.79% 27.44% 23.61%
Student credit cards 20.30% 26.30% 23.30%
Secured credit cards 26.25% 26.25% 26.25%

Source: Federal Reserve’s G.19

How Many Americans are Currently Delinquent with Their Credit Card Payments?

According to the Federal Reserve, 14.5% of credit card holders are at least 90 days delinquent on their payments. That’s nearly one in seven Americans who aren’t paying their bills on time!

But first: What does it mean to be 90 days late on your average credit card debt payments? In this case, “90 days” refers to how long it’s been since your last payment was made. If you haven’t paid anything toward your outstanding credit card balances in three months or longer (and if you don’t pay something within the next two weeks), you’ll be considered 90 days delinquent.

What Increases Credit Card Debt?

Most credit card debt can be a slippery slope to get into. Once you start using the credit card, it’s easy to keep doing it. But what factors cause people to get into credit card debt?

It’s not uncommon for people to run up their credit cards on things like medical bills, car repairs, or other unexpected expenses. Sometimes it’s unavoidable, but sometimes it’s caused by poor financial management practices. These habits can increase your credit card debt:

  1. Not paying off your credit card balances in full every month;
  2. Making minimum credit card debt payments only;
  3. Using credit cards for everyday purchases.

Average Credit Card Debt by State

According to the Federal Reserve Bank of New York, your state’s average credit card debt statistics can tell you a lot about how much debt you carry (as an average household). Here’s a breakdown of the states with the average credit card debt, so you can compare how much credit card debt you have to other states in your area.

Rank State Average Credit Card Debt
1 Connecticut $9,408
2 New York $9,165
3 New Jersey $9,044
4 Rhode Island $8,728
5 Texas $8,701
6 Florida $8,573
7 Hawaii $8,556
8 Maryland $8,463
9 Massachusetts $8,405
10 Alaska $8,185
11 Colorado $8,011
12 Delaware $7,993
13 Nevada $7,905
14 Georgia $7,790
15 California $7,758
16 Illinois $7,756
17 North Dakota $7,714
18 Virginia $7,663
19 Maine $7,518
20 Utah $7,489
21 New Hampshire $7,415
22 Vermont $7,368
23 Washington $7,365
24 Minnesota $7,217
25 Arizona $7,213
26 Wyoming $7,098
27 South Carolina $7,063
28 North Carolina $6,955
28 North Carolina $6,955
29 Nebraska $6,900
30 Kansas $6,762
31 Michigan $6,744
32 Oregon $6,682
33 Pennsylvania $6,620
34 Missouri $6,599
35 Louisiana $6,475
36 Alabama $6,453
37 Oklahoma $6,401
38 Ohio $6,394
39 South Dakota $6,367
40 New Mexico $6,367
41 Iowa $6,315
42 Tennessee $6,240
43 Montana $6,160
44 Arkansas $6,117
45 Wisconsin $6,090
46 Idaho $6,073
47 Mississippi $6,035
48 West Virginia $6,008
49 Indiana $5,642
50 Kentucky $5,408

Source: Experian

Average Credit Card Debt by Age

The average credit card debt by age is a number that can be useful when you’re trying to get a grasp on your own finances. According to Experian, here is the situation in the US in 2024:

Generation Average Credit Card Debt
Generation Z (Born 1997-2012) $2,589
Millennials (Born 1981-1996) $5,575
Generation X (Born 1965-1980) $7,923
Generation X (Born 1965-1980) $7,923
Baby Boomers (Born 1946-1964) $7,285
Silent Generation (Born 1928-1945) $5,602

Source: Experian (2022 – 2024)

Average Credit Card Debt by Median Income

The household carries $8,000 in average credit card debt in America. But what if your family has a higher income than the average family? Does that mean you have more money to spend on crucial things like “food” and “rent”? Maybe it does… or maybe not!

The Federal Reserve’s Survey of Consumer Finances shows that there’s not much difference between high-income households and low-income households when it comes to credit card debt.

However, when financial experts compare the average income per percentile group with the average amount of debt held per group, they say that low-income earners have a much larger debt-to-income ratio, with their credit card debt alone accounting for 26.11% of their total income. You can see all the figures in the following table:

Income Percentile Median Debt Average Debt Average Percentage of Income
<20% $1,100 $3,830 26.11%
20%-39% $1,900 $4,650 11.98%
40%-59% $2,400 $4,910 7.33%
60%-79% $3,600 $6,990 6.45%
80%-89% $5,000 $9,780 5.95%
90%-100% $6,000 $12,600 4.31%

Source: The Federal Reserve

Average Credit Card Debt by Race

After analyzing data from the Federal Reserve’s Report on the Economic Well-Being of U.S. Households in 2021, which was published in May 2022, we found that the average credit card debt by race is maximum for Black Americans and minimum for Asian Americans:

Race/ethnicity % carrying a balance (among cardholders)
White, non-Hispanic 42%
Black 72%
Hispanic 63%
Asian 24%

Source: Report on the Economic Well-Being of U.S. Households in 2021 – May 2022

Average Credit Card Debt by Gender

The average credit card debt classified by gender is another factor that society should consider. Why? Because women have slightly lower incomes than men. That’s women have a higher debt-to-income ratio. Although the figures are almost the same, the situation makes women apply for credit cards or loans more often than men.

Women Men
$6,232 $6,357

Source: Experian (2022 – 2024)

Average Credit Card Debt by Education

If you’re just getting started with your credit card debt, it’s important to know what the average credit card debt is for people with different levels of education. It can be a great way to get a sense of where you stand in comparison to other people who are also trying to get out of debt.

Here are some of the numbers for 2024:

Education Median Debt Average Debt Average Percentage of Income
No High School Diploma $1,200 $3,390 10.41%
High School Graduate $2,000 $4,940 11.74%
Some College $2,700 $6,210 13.28%
College Graduate $3,600 $7,940 9.91%

Source: The Federal Reserve Bank – Survey of Consumer Finances

How Can I Reduce Credit Card Debt?

Even if it’s average, credit card debt is a huge problem for many people. It can be hard to know where to begin when it comes to reducing your average credit card debt. If you have more than one credit card balance, or if you have any other type of debt, then you may want to start by putting all of that credit card debt together in one place so that you can see exactly how much money you owe and what kind of interest rates those loans have.

Once you’ve done this, it’s time to create a plan for paying off those loans. You want to set up a realistic timeline that will allow you to pay off all of your credit card debt in three years or less but not longer than five years. If this seems too long, consider making extra payments on top of what’s due each month and/or increasing your monthly payments over time.

You may want to consider consolidating your credit card debt into one loan with a lower interest rate before starting this process. That way, once everything’s paid off, your payments will be lower than before and hopefully more manageable too!

Don’t wait any longer to take control of your debt. Apply for a loan from 1F Cash Advance.Apply

Marsha Welch

Written by Marsha Welch

Written by Marsha Welch

Marsha Welch is a professional finance expert, qualified financial writer, and author of her own blog on financial literacy. As an author of 1F Cash Advance, Marsha want to be useful to businesses and individuals who want to modernize their wealth management or need an innovative financial planning solution.

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