Credit card debt is a key indicator of how healthy U.S. households are financially. The average credit card balance is $10,757 per household, which is $1,959 below the all-time record, according to WalletHub’s latest Credit Card Debt Study. All debt amounts on this page are adjusted for inflation, to allow for proper comparison against historical data.
Key Credit Card Debt Statistics
- Total Debt: $1.29 trillion
- Household Average: $10,757
- Household Record: $12,424 (Q4 2007)
- Average APR on Debt: 23.37%
- Delinquency Rate: 3.23% of accounts are 30+ days delinquent
- Charge-Off Rate: 4.37% of accounts are charged-off
- End-of-Year Projection: $100 billion increase in total debt
Total Credit Card Debt Over Time
Total credit card debt hit a record in absolute terms during Q4 2023.
Credit Card Debt by Household
When you adjust for inflation, it’s clear the average household’s balance is not a record.
Credit Card Debt by State
Even in states with relatively little credit card debt, it will take 11+ months to pay off the median credit card balance, assuming an average APR and monthly payment amount.
States with the Most Credit Card Debt
| State | Median Credit-Card Debt | Months & Days Until Payoff |
|---|---|---|
| Alaska | $3,859 | 17 months and 11 days |
| District of Columbia | $3,613 | 16 months and 23 days |
| Vermont | $2,770 | 14 months and 12 days |
| Colorado | $3,305 | 14 months and 11 days |
| New Mexico | $2,704 | 13 months and 24 days |
| Oregon | $2,829 | 13 months and 21 days |
| Connecticut | $3,186 | 13 months and 19 days |
| New Hampshire | $2,976 | 13 months and 19 days |
| Washington | $3,080 | 13 months and 17 days |
| Georgia | $3,186 | 13 months and 14 days |
States with the Least Credit Card Debt
| State | Median Credit-Card Debt | Months & Days Until Payoff |
|---|---|---|
| Hawaii | $3,166 | 11 months and 22 days |
| Ohio | $2,488 | 11 months and 19 days |
| Iowa | $2,187 | 11 months and 15 days |
| Mississippi | $2,490 | 11 months and 13 days |
| Kentucky | $2,349 | 11 months and 10 days |
| Utah | $2,759 | 11 months and 10 days |
| South Dakota | $2,508 | 11 months and 8 days |
| Nebraska | $2,502 | 11 months and 6 days |
| Pennsylvania | $2,553 | 11 months and 5 days |
| West Virginia | $2,261 | 11 months and 3 days |
See the complete rankings for the states with the most and least credit card debt.
Credit Card Debt by Age
People ages 30-59 have an average of 132.08% more credit card debt than their older and younger counterparts. Below, you can see the latest averages by age group.
Interest Rates on Credit Card Debt
Consumers with credit card debt are now paying interest at an annual rate in excess of 20%. As a result, balance transfer credit card offers with 0% introductory APRs are more valuable than ever.
See data for previous years’ credit card interest rates.
Number of Accounts With Credit Card Debt
There are 441 million credit card accounts, of which 191 million accounts (43.4%) had a revolving balance, carried from month to month, during Q2 2023. This percentage has not changed much in recent years.
Charge-Off & Delinquency Rates
The rates of consumers who are 30+ days late on their credit card bill or who’ve charged-off altogether are trending upward, indicating that minimum payments are becoming harder to make.
See data for previous years’ delinquency and charge-off rates.
Credit Card Debt Survey Stats
WalletHub conducted a nationally representative survey to evaluate how people are dealing with credit card debt. You can find some key statistics below.
- 35% of Americans are very stressed about their credit card debt.
- 62% of people charge everyday purchases to credit cards they carry debt on (so every purchase accrues interest).
- Nearly 1 in 3 people say they can’t afford to save money right now.
- 1 in 5 Americans say that most of their debt comes from nice-to-have expenses, rather than necessities.
- Nearly 1 in 4 Americans are very stressed about their credit card debt.
- More than half of Americans are worried about “buy now, pay later” loans showing up in their credit report.
- 35% of Americans think the economy will go into a recession before they pay off their credit card debt.
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