What percent of Americans have credit card debt? (2024)

What percent of Americans have credit card debt?

49 percent of credit card holders are carrying a credit card balance from month to month — an increase from 39 percent in 2021. Generation X leads the pack, with 55 percent saying they carry a credit card balance, followed by millennials at 51 percent, Gen Zers at 48 percent and baby boomers at 44 percent.

How much is the average American in debt?

The average debt in America is $103,358 across mortgages, auto loans, student loans, and credit cards. Debt peaks between ages 40 and 49 among consumers with good credit scores. Washington has the highest average debt at $180,462, and West Virginia has the lowest at $64,320.

What is the average US citizens credit card debt?

Credit card debt in America by the numbers

That represents a 4.6% increase in a single quarter, with cardholders shouldering thirteen-figure debt at $1.03 trillion for the first time. In short, that amounts to an average balance of $5,733 per cardholder.

What percentage of Americans are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.

What percentage of the US population owns a credit card?

Fast Facts. In 2022, 82% of U.S. adults had at least one credit card. We examined U.S. credit card usage by analyzing a large sample of credit card data from June 2013-December 2021. We found that many people likely used their pandemic stimulus payments to pay down their credit card balances.

What percentage of America is debt free?

What percentage of America is debt-free? According to that same Experian study, less than 25% of American households are debt-free.

Is $30,000 in debt a lot?

The average amount is almost $30K. Some have more, while others have less, but it's a sobering number. There are actions you can take if you're a Millennial and you're carrying this much debt.

How many people have $50,000 in credit card debt?

Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year. Paying off that bill? Well, that's not impossible either, though it is considerably less fun.

What is considered a lot of credit card debt?

The general rule of thumb is that you shouldn't spend more than 10 percent of your take-home income on credit card debt.

What percentage of Americans have $10000 in credit card debt?

After several tumultuous years for the U.S. economy, the weight of consumer credit card debt has become increasingly burdensome. In fact, an average of 22.6% of American credit cardholders across the 100 largest metros have balances of at least $10,000 — an increase of 45.8% from 2019 and 32.9% from 2021.

How many Americans live paycheck to paycheck?

Statistics vary, but between 55 percent to 63 percent of Americans are likely living paycheck to paycheck.

Is it rare to be debt free?

The ones who are living debt-free may seem like a rarity, but they aren't special or superhuman, nor are they necessarily wealthy. What distinguishes them from people who still have debt is their willingness to utilize the resources they have, financial or otherwise, to pay off debt or avoid it altogether.

Which gender has more debt?

On average, men have more debt than women across all categories, except for student loans. While there isn't much data yet, early studies have shown that nonbinary students undergo more financial strain than their cisgender peers, and are more likely to have student loan debt.

How many Americans carry cash?

Adults 50 and up are more likely to say they always have cash on hand, with 71%, versus 45% of adults under 50. More than half of adults younger than 50 — 54% — don't worry about having cash on them, in contrast to 28% of consumers 50 and older.

How many people have no credit card debt?

As credit card debt among Americans continues to grow and paying with plastic becomes more common, a new survey on credit card usage from Lantern by SoFi says that just 13% of respondents carry a $0 balance from month to month.

How many credit cards does the average rich person have?

The same survey found 70% percent of Americans with a net worth over $1 million have two or more credit cards, compared to 41% of Americans with a net worth under $1 million.

What age group has the most debt?

Analysis of the debt share in the U.S. shows that people aged 40-49 hold the largest amount of debt at $4.21 trillion in total. People aged 50-59 have the most credit card debt in total at $0.21 trillion, and people aged 30-39 have the most student loan debt at $0.5 trillion.

What is the average credit card balance?

Average Credit Card Debt by Age
Average Credit Card Balance by Age Group
<29$2,900
30-39$5,800
40-49$7,600
50-64$7,200
1 more row
Jan 17, 2024

What is the average credit score?

In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.

Is 10k credit card debt bad?

Having any credit card debt can be stressful, but $10,000 in credit card debt is a different level of stress. The average credit card interest rate is over 20%, so interest charges alone will take up a large chunk of your payments. On $10,000 in balances, you could end up paying over $2,000 per year in interest.

Is the average person in debt?

According to Experian, average total consumer household debt in 2023 is $103,358. That's up 11% from 2020, when average total consumer debt was $92,727.

What is the 50 30 20 rule?

Key Takeaways. The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

What is the average monthly credit card bill?

The typical consumer pays $430 a month toward their credit card debt. If you can't afford your monthly payments, look for ways to lower them.

What is the biggest credit card trap?

The minimum payment mindset

Here's how most people get trapped in credit card debt: You use your card for a purchase you can't afford or want to defer payment, and then you make only the minimum payment that month. Soon, you are in the habit of using your card to purchase things beyond your budget.

What is the average credit score by age?

Average Credit Scores FAQs

Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.

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