Credit Card Debt Study

Alina Comoreanu, WalletHub Senior ResearcherMar 8, 2023

Alina Comoreanu, WalletHub Senior Researcher
Mar 8, 2023

U.S. consumers are back to bad habits when it comes to credit card debt. Consumers added an all-time record $180.3 billion in new credit card debt to their tab during 2022, capped off by an $85.8 billion increase during the fourth quarter alone – the biggest quarterly increase ever.

You can find more credit card debt statistics and insights into the financial health of U.S. consumers below.

Table of Contents

Main Findings

Credit card debt increased by $85.8 billion during Q4 2022 – the highest quarterly increase ever recorded.

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The increase in credit card debt during Q4 2022 was 1.8X larger than the post-Great Recession average for the fourth quarter of a year.

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Outstanding credit card debt increased by roughly 7.1% during Q4, compared to the previous quarter.

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Since the end of the Great Recession, consumer performance has regressed on a year-over-year basis in 6 of every 10 quarters.

Year	Q1	Q2	Q3	Q4
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

Legend: = regress, = paydown

The credit card charge-off rate increased by 25.77% during Q4 2022, finishing at 2.44%.

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Average Credit Card Debt per Household

Stat	Q4 2022	Q4 2021	Change
Average Credit Card Debt per Household	$9,990	$9,177	8.9%
Total Credit Card Debt (in Bill.)	$1,179.40	$1,021.4	15.5%
Quarter Net Increase (in Bill.)	$85.8	$73.2	17%

The average household’s credit card balance is $9,990. That is $2,015 below WalletHub’s projected breaking point for household finances.

Credit Card Debt Increase by City

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Note: *Overall Rank, 1 = Biggest Paydown

Overall Rank*	City	Household Credit Card Debt	Household Credit Card Increase/Decrease	Total Credit Card Debt	Total Credit Card Increase/Decrease
1	Lewiston,ME	$8,200	$312	$127,818,475	$4,867,347
2	Casper,WY	$10,389	$318	$259,724,637	$7,945,227
3	Manchester,NH	$9,716	$371	$470,391,123	$17,968,920
4	RapidCity,SD	$9,998	$469	$307,295,103	$14,429,955
5	OklahomaCity,OK	$10,598	$665	$2,814,090,811	$176,442,627
6	Augusta,GA	$11,429	$685	$824,408,615	$49,430,716
7	CorpusChristi,TX	$12,779	$719	$1,497,875,871	$84,282,659
8	Durham,NC	$10,100	$720	$1,188,149,518	$84,681,809
9	Fayetteville,NC	$11,466	$734	$917,945,326	$58,722,765
10	Akron,OH	$8,804	$756	$735,475,526	$63,181,803
11	Billings,MT	$10,128	$772	$491,008,431	$37,421,042
12	Greensboro,NC	$10,497	$783	$1,245,651,689	$92,902,383
13	Mobile,AL	$10,461	$809	$810,906,624	$62,692,795
14	Wilmington,DE	$10,500	$820	$329,628,442	$25,741,388
15	Boston,MA	$13,533	$824	$3,680,305,719	$223,966,179
16	Nashua,NH	$11,114	$842	$412,551,655	$31,256,491
17	Raleigh,NC	$12,000	$846	$2,246,753,219	$158,454,391
18	Wichita,KS	$10,393	$883	$1,612,836,682	$136,956,033
19	Burlington,VT	$10,801	$902	$185,492,213	$15,498,653
20	OverlandPark,KS	$12,659	$920	$1,023,500,989	$74,401,465
21	Omaha,NE	$10,700	$976	$2,090,624,020	$190,655,336
22	Toledo,OH	$8,440	$977	$981,237,212	$113,619,874
23	Shreveport,LA	$10,774	$1,003	$807,466,565	$75,148,458
24	Gulfport,MS	$11,321	$1,048	$317,702,865	$29,405,015
25	Columbia,MD	$13,496	$1,049	$552,485,510	$42,949,284
26	Huntsville,AL	$10,678	$1,049	$972,179,091	$95,531,746
27	Milwaukee,WI	$8,667	$1,070	$1,988,908,528	$245,433,475
28	FortSmith,AR	$9,534	$1,073	$344,819,096	$38,806,246
29	Madison,WI	$8,576	$1,083	$1,006,145,203	$127,088,160
30	Portland,ME	$9,816	$1,094	$306,635,309	$34,170,802
31	VirginiaBeach,VA	$14,866	$1,102	$2,631,924,009	$195,131,779
32	Rochester,NY	$9,099	$1,105	$831,623,329	$101,024,918
33	Aurora,IL	$12,430	$1,120	$758,288,207	$68,330,194
34	NewportNews,VA	$10,764	$1,127	$806,483,234	$84,471,175
35	Lubbock,TX	$12,211	$1,128	$1,217,454,293	$112,462,467
36	Springfield,MO	$9,403	$1,130	$741,176,446	$89,110,197
37	Cleveland,OH	$8,678	$1,137	$1,459,662,199	$191,167,471
38	KansasCity,MO	$10,459	$1,142	$2,233,621,371	$243,965,489
39	Chattanooga,TN	$10,613	$1,163	$812,007,956	$88,975,637
40	Winston-Salem,NC	$10,475	$1,174	$1,025,218,621	$114,874,806
41	Amarillo,TX	$11,268	$1,182	$885,022,531	$92,841,382
42	GrandRapids,MI	$9,842	$1,186	$757,444,651	$91,289,402
43	Fargo,ND	$9,822	$1,189	$548,650,686	$66,423,107
44	Garland,TX	$11,868	$1,198	$941,694,993	$95,055,752
45	Anchorage,AK	$15,339	$1,200	$1,636,647,420	$128,021,051
46	Lincoln,NE	$10,153	$1,200	$1,181,396,126	$139,621,781
47	Tucson,AZ	$10,943	$1,220	$2,394,310,168	$266,942,958
48	Norfolk,VA	$13,812	$1,224	$1,282,832,068	$113,711,318
49	Pittsburgh,PA	$10,951	$1,237	$1,508,514,453	$170,371,174
50	Spokane,WA	$10,924	$1,237	$1,028,028,608	$116,393,538
51	Albuquerque,NM	$10,467	$1,242	$2,472,120,236	$293,260,420
52	Tulsa,OK	$11,525	$1,247	$1,935,655,454	$209,478,836
53	Louisville,KY	$10,173	$1,249	$2,622,150,763	$321,824,411
54	Columbus,OH	$9,633	$1,272	$3,637,703,296	$480,519,173
55	Lexington-Fayette,KY	$10,795	$1,281	$1,448,950,946	$172,009,101
56	Indianapolis,IN	$9,688	$1,282	$3,412,603,374	$451,557,833
57	Jackson,MS	$9,611	$1,285	$595,330,203	$79,583,839
58	NewOrleans,LA	$13,531	$1,298	$2,118,840,161	$203,287,510
59	St.Paul,MN	$10,286	$1,308	$1,229,170,199	$156,337,525
60	Rutland,VT	$9,552	$1,311	$71,985,243	$9,880,400
61	SaltLakeCity,UT	$11,598	$1,325	$964,886,924	$110,274,529
62	Memphis,TN	$10,493	$1,331	$2,618,540,691	$332,276,806
63	SiouxFalls,SD	$10,684	$1,335	$826,120,456	$103,245,801
64	Brownsville,TX	$11,150	$1,345	$622,097,193	$75,025,909
65	CedarRapids,IA	$9,297	$1,355	$535,825,405	$78,110,536
66	Missoula,MT	$10,369	$1,363	$334,229,653	$43,918,829
67	PearlCity,HI	$16,851	$1,363	$248,647,095	$20,118,739
68	Knoxville,TN	$11,258	$1,366	$929,712,942	$112,824,767
69	Huntington,WV	$10,505	$1,381	$207,551,510	$27,287,004
70	Cincinnati,OH	$9,932	$1,382	$1,388,445,576	$193,229,080
71	SanAntonio,TX	$13,068	$1,383	$6,999,465,713	$740,764,336
72	GrandPrairie,TX	$12,588	$1,387	$807,010,173	$88,894,853
73	Minneapolis,MN	$10,325	$1,404	$1,883,522,713	$256,088,358
74	ColoradoSprings,CO	$12,291	$1,419	$2,319,362,019	$267,672,675
75	Jacksonville,FL	$12,589	$1,444	$4,617,553,592	$529,448,363
76	Tampa,FL	$12,646	$1,444	$1,936,839,761	$221,210,369
77	Laredo,TX	$12,480	$1,445	$907,225,932	$105,008,320
78	LittleRock,AR	$11,715	$1,451	$998,710,683	$123,710,517
79	Chesapeake,VA	$16,142	$1,454	$1,443,310,911	$129,972,045
80	Vancouver,WA	$11,294	$1,458	$854,518,510	$110,302,632
81	Boise,ID	$10,789	$1,459	$1,039,962,213	$140,644,279
82	St.Petersburg,FL	$12,366	$1,470	$1,383,267,635	$164,451,814
83	NewHaven,CT	$10,092	$1,472	$507,250,410	$74,011,888
84	Baltimore,MD	$11,133	$1,488	$2,726,327,970	$364,459,606
85	Columbia,SC	$13,287	$1,494	$669,310,174	$75,265,132
86	St.Louis,MO	$10,622	$1,495	$1,499,381,532	$211,005,562
87	Charleston,WV	$10,505	$1,516	$228,788,252	$33,018,256
88	FortWayne,IN	$9,580	$1,520	$1,021,861,005	$162,112,998
89	Honolulu,HI	$14,007	$1,534	$1,867,915,715	$204,595,604
90	Charleston,SC	$13,175	$1,555	$840,057,297	$99,150,994
91	Tallahassee,FL	$12,437	$1,559	$1,002,297,269	$125,624,821
92	Montgomery,AL	$11,595	$1,560	$913,619,857	$122,924,313
93	Ontario,CA	$13,939	$1,565	$711,821,346	$79,910,447
94	Buffalo,NY	$9,595	$1,568	$1,132,907,300	$185,081,927
95	Warwick,RI	$11,413	$1,569	$407,002,547	$55,943,316
96	Worcester,MA	$10,511	$1,574	$828,021,722	$123,991,500
97	ElPaso,TX	$12,710	$1,574	$3,008,474,312	$372,573,017
98	WestValleyCity,UT	$11,457	$1,576	$446,051,798	$61,340,498
99	Mesa,AZ	$11,210	$1,578	$2,133,979,011	$300,305,110
100	DesMoines,IA	$9,539	$1,579	$829,775,404	$137,379,799
101	Arlington,TX	$12,690	$1,583	$1,729,140,876	$215,636,502
102	Columbus,GA	$11,616	$1,584	$911,750,091	$124,325,296
103	LasVegas,NV	$12,821	$1,601	$3,031,000,186	$378,590,801
104	Houston,TX	$12,731	$1,609	$11,189,724,060	$1,414,098,969
105	Nampa,ID	$10,267	$1,620	$359,311,753	$56,685,471
106	Richmond,VA	$11,301	$1,623	$1,116,817,523	$160,406,293
107	Chicago,IL	$12,045	$1,623	$13,400,637,033	$1,806,246,794
108	Reno,NV	$12,600	$1,635	$1,352,045,898	$175,427,854
109	Orlando,FL	$11,597	$1,641	$1,378,110,929	$195,013,055
110	SantaRosa,CA	$12,911	$1,644	$873,594,038	$111,244,094
111	Tacoma,WA	$11,877	$1,646	$1,037,774,151	$143,852,451
112	Bismarck,ND	$11,033	$1,655	$344,525,129	$51,667,940
113	Portland,OR	$11,549	$1,677	$3,231,235,910	$469,296,223
114	Irving,TX	$12,217	$1,686	$1,120,900,998	$154,697,267
115	Fresno,CA	$12,011	$1,689	$2,098,958,165	$295,160,889
116	Charlotte,NC	$12,506	$1,691	$4,326,287,173	$585,116,700
117	Phoenix,AZ	$12,191	$1,697	$7,069,275,025	$983,922,682
118	Oxnard,CA	$15,738	$1,713	$793,227,476	$86,363,999
119	Salem,OR	$11,132	$1,720	$717,214,733	$110,810,661
120	Birmingham,AL	$11,402	$1,733	$975,107,801	$148,241,161
121	Scottsdale,AZ	$15,501	$1,743	$1,758,625,891	$197,754,603
122	Bridgeport,CT	$10,360	$1,758	$548,213,898	$93,007,897
123	Aurora,CO	$12,693	$1,769	$1,756,980,547	$244,930,215
124	JerseyCity,NJ	$10,785	$1,786	$1,247,358,036	$206,543,308
125	LasCruces,NM	$11,194	$1,788	$492,473,404	$78,679,497
126	Austin,TX	$13,955	$1,791	$5,639,440,422	$723,618,420
127	Sacramento,CA	$11,650	$1,796	$2,260,149,862	$348,402,249
128	Peoria,AZ	$12,977	$1,803	$914,499,460	$127,093,075
129	Providence,RI	$10,746	$1,806	$730,445,931	$122,735,811
130	Philadelphia,PA	$10,277	$1,820	$6,644,969,607	$1,176,998,812
131	SanFrancisco,CA	$13,781	$1,829	$4,978,037,335	$660,719,164
132	Oceanside,CA	$14,569	$1,830	$886,355,334	$111,350,681
133	Yonkers,NY	$12,648	$1,840	$1,023,672,485	$148,903,287
134	Tempe,AZ	$11,414	$1,842	$842,206,485	$135,937,354
135	Denver,CO	$12,187	$1,843	$3,825,664,208	$578,451,425
136	Washington,DC	$13,322	$1,847	$4,131,256,612	$572,778,321
137	Seattle,WA	$12,249	$1,851	$4,132,452,050	$624,615,775
138	FortWorth,TX	$13,619	$1,871	$4,329,134,901	$594,666,050
139	Gilbert,AZ	$15,196	$1,884	$1,343,718,413	$166,564,456
140	Modesto,CA	$12,111	$1,909	$870,529,067	$137,185,846
141	Dallas,TX	$14,422	$1,913	$7,429,230,894	$985,645,669
142	Detroit,MI	$9,018	$1,916	$2,255,359,001	$479,282,384
143	RanchoCucamonga,CA	$15,070	$1,923	$849,667,554	$108,431,213
144	SanDiego,CA	$14,399	$1,941	$7,334,088,846	$988,394,214
145	Glendale,AZ	$11,993	$1,943	$1,006,880,784	$163,128,511
146	FortLauderdale,FL	$14,856	$1,949	$1,168,490,545	$153,284,864
147	Newark,NJ	$9,742	$1,957	$1,069,075,087	$214,738,288
148	BatonRouge,LA	$12,734	$1,964	$1,090,259,989	$168,164,369
149	SantaAna,CA	$16,031	$1,971	$1,228,365,129	$150,999,494
150	CapeCoral,FL	$13,535	$1,972	$1,006,817,666	$146,681,773
151	Miami,FL	$13,408	$1,974	$2,434,943,085	$358,392,996
152	LosAngeles,CA	$14,727	$1,979	$20,395,129,188	$2,740,834,153
153	Bakersfield,CA	$12,365	$2,003	$1,525,079,963	$246,979,705
154	NorthLasVegas,NV	$13,560	$2,073	$1,097,385,190	$167,753,446
155	SanJose,CA	$14,329	$2,082	$4,647,947,959	$675,338,173
156	Chandler,AZ	$13,775	$2,092	$1,412,860,115	$214,534,334
157	Cheyenne,WY	$11,651	$2,103	$324,083,630	$58,485,710
158	Nashville,TN	$13,067	$2,105	$3,696,026,751	$595,464,772
159	Dover,DE	$11,883	$2,116	$178,037,004	$31,705,282
160	Fontana,CA	$14,813	$2,119	$819,284,333	$117,222,754
161	Atlanta,GA	$14,459	$2,127	$3,197,802,747	$470,379,014
162	Anaheim,CA	$14,849	$2,146	$1,537,916,955	$222,276,407
163	LongBeach,CA	$13,588	$2,208	$2,309,353,926	$375,292,221
164	Fremont,CA	$12,871	$2,222	$960,537,272	$165,797,700
165	HuntingtonBeach,CA	$15,194	$2,249	$1,172,084,193	$173,464,457
166	Irvine,CA	$14,882	$2,271	$1,594,808,031	$243,396,142
167	Plano,TX	$15,966	$2,277	$1,692,784,876	$241,412,629
168	Oakland,CA	$12,851	$2,322	$2,150,059,028	$388,500,606
169	GardenGrove,CA	$14,830	$2,389	$715,077,062	$115,170,806
170	Stockton,CA	$12,621	$2,441	$1,214,352,863	$234,842,757
171	Hialeah,FL	$12,897	$2,547	$982,001,958	$193,923,587
172	Juneau,AK	$16,301	$2,567	$210,647,189	$33,176,642
173	NewYork,NY	$18,525	$2,597	$60,219,450,889	$8,443,131,498
174	PembrokePines,FL	$15,759	$2,637	$974,860,822	$163,124,462
175	Henderson,NV	$14,962	$2,702	$1,815,310,648	$327,798,737
176	Riverside,CA	$15,903	$2,707	$1,404,860,911	$239,102,166
177	MorenoValley,CA	$14,547	$2,710	$772,962,983	$143,984,851
178	ChulaVista,CA	$17,723	$2,748	$1,459,544,097	$226,291,326
179	PortSt.Lucie,FL	$13,766	$2,798	$985,797,315	$200,326,791
180	Glendale,CA	$15,625	$2,912	$1,146,808,012	$213,751,906
181	SanBernardino,CA	$12,714	$3,007	$784,224,195	$185,450,984
182	Santa Clarita,CA	$19,036	$4,053	$1,395,247,162	$297,032,219

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Federal Reserve and TransUnion.

Tips For Managing Credit Card Debt

1. Make a Budget & Stick to It: It’s difficult to spend within reason or plan savings if you don’t know how your monthly spending compares to your take-home pay, or where that money is going. That is why you should rank-order your expenses – including debt payments, emergency fund contributions, and other savings – and trim the fat, if necessary. Most importantly, once you develop your budget, make sure to stick to it or else you’ll have simply wasted your time.
2. Build an Emergency Fund: With a safety net of cash to fall back on, you won’t be as likely to fall behind on your bills in the event of emergency expenses or unplanned joblessness. Your goal should be to gradually save about a year’s worth of after-tax income. In other words, set aside a little bit every month until you’ve got a nice cushion.
3. Improve Your Credit: This might sound a bit counterintuitive, seeing as more credit could mean more debt. But improving your credit standing will have a dramatic impact on the cost of your debt. And reducing the cost of your debt will allow you to pay it off faster. Better credit can also make it easier to find a job or a place to live, both of which impact your bottom line. You can check your latest credit score for free and get personalized credit-improvement tips on WalletHub.
4. Try the Island Approach: The Island Approach is a strategy that involves using a collection of credit cards, with each serving a specific purpose. For example, you could transfer your existing debt to a 0% balance transfer credit card to save on finance charges and get out of debt sooner. And you could use a rewards card or two – perhaps one with travel rewards and one with cash back, or maybe a store credit card – for purchases that you’ll be able to pay off by the end of the month. This will enable you to get the best possible collection of terms. It will also tell you when you’re overspending. Finance charges on your everyday spending cards will signal a need to cut back.
5. Repay Your Most Expensive Debt First: Most people with serious credit card debt have multiple balances. If that’s the case for you, try the “avalanche method.” That means putting the majority of your monthly debt payment toward the balance with the highest interest rate and making the minimum payment required on the rest. Once your most expensive debt is paid off, repeat the process until you’re debt-free.
6. Evaluate Your Job Situation: In some cases, all the budgeting and planning in the world won’t be enough to solve your debt problems. You may need to explore whether higher-paying opportunities exist for people with your background or consider acquiring some new skills to make yourself more marketable. This may require a bit of an investment in yourself, but as long as you get a worthwhile return, it’s money well spent.

Methodology

WalletHub’s quarterly credit card debt studies are based on analysis of the latest data on consumers’ finances available from TransUnion as well as the Federal Reserve and Bureau of Labor Statistics.

Quarterly changes in credit card debt levels include both the total amount outstanding (revolving credit, not seasonally adjusted) and charged-off debt (not seasonally adjusted) that is no longer on credit card companies’ books but consumers continue to owe. Outstanding and household debt amounts are adjusted for inflation with data from the Bureau of Labor Statistics.

Raw Data

Net Result of Consumer Credit Card Debt Q1 2008 – Q4 2022

	Net Result in Debt Load	Relative to Same Period Last Year	Relative to Same Period Two Years Ago
2022	$180,311,764,029	108%	-320%
2022 Q4	$85,775,361,215	17%	136%
2022 Q3	$39,730,253,596	66%	-4475%
2022 Q2	$67,312,616,850	48%	-215%
2022 Q1	-$12,506,467,631	-78%	-79%
2021	$86,797,878,468	-206%	15%
2021 Q4	$73,188,482,701	101%	29%
2021 Q3	$23,875,483,870	-2729%	8%
2021 Q2	$45,351,680,064	-177%	32%
2021 Q1	-$55,617,768,167	-5%	46%
2020	-$82,064,889,064	-209%	-214%
2020 Q4	$36,391,578,792	-36%	-38%
2020 Q3	-$908,027,227	-104%	-103%
2020 Q2	-$58,709,276,276	-270%	-381%
2020 Q1	-$58,839,164,353	54%	67%
2019	$75,173,980,298	4%	-16%
2019 Q4	$56,757,541,717	-3%	-16%
2019 Q3	$22,137,618,702	-20%	0%
2019 Q2	$34,455,737,637	65%	6%
2019 Q1	-$38,176,917,758	8%	15%
2018	$72,081,101,019	-19%	-19%
2018 Q4	$58,674,430,772	-13%	-1%
2018 Q3	$27,844,442,839	26%	27%
2018 Q2	$20,895,898,892	-36%	-39%
2018 Q1	-$35,333,671,484	6%	32%
2017	$89,000,984,768	0%	151%
2017 Q4	$67,640,453,120	14%	177%
2017 Q3	$22,048,507,677	0%	-2%
2017 Q2	$32,569,914,750	-5%	0%
2017 Q1	-$33,257,890,778	25%	-25%
2016	$88,780,270,523	150%	51%
2016 Q4	$59,148,481,729	142%	28%
2016 Q3	$21,999,802,585	-3%	34%
2016 Q2	$34,331,647,208	5%	21%
2016 Q1	-$26,699,660,999	-40%	-18%
2015	$35,447,291,313	-40%	-15%
2015 Q4	$24,461,624,453	-47%	-43%
2015 Q3	$22,600,957,944	38%	97%
2015 Q2	$32,643,261,547	15%	61%
2015 Q1	-$44,258,552,632	37%	36%
2014	$58,743,489,716	40%	86%
2014 Q4	$46,298,094,154	9%	18%
2014 Q3	$16,389,438,109	43%	27%
2014 Q2	$28,437,696,787	41%	102%
2014 Q1	-$32,381,739,334	0%	-7%
2013	$41,844,018,269	33%	-9%
2013 Q4	$42,599,311,800	9%	-3%
2013 Q3	$11,465,609,999	-11%	-28%
2013 Q2	$20,236,889,584	44%	6%
2013 Q1	-$32,457,793,113	-6%	-1%
2012	$31,528,657,763	-31%	1246%
2012 Q4	$39,223,538,559	-10%	52%
2012 Q3	$12,868,796,386	-19%	135%
2012 Q2	$14,100,004,003	-26%	46%
2012 Q1	-$34,663,681,185	5%	-10%
2011	$45,910,210,686	1859%	5436%
2011 Q4	$43,703,491,907	70%	94%
2011 Q3	$15,933,813,078	191%	33%
2011 Q2	$19,146,014,694	99%	101%
2011 Q1	-$32,873,108,993	-15%	-27%
2010	$2,343,022,283	372%	-96%
2010 Q4	$25,774,800,070	15%	-28%
2010 Q3	$5,472,559,265	-54%	-60%
2010 Q2	$9,624,601,959	1%	-59%
2010 Q1	-$38,528,939,010	-14%	122%
2009	-$860,367,447	102%	101%
2009 Q4	$22,481,545,106	-38%	-65%
2009 Q3	$11,986,891,151	-13%	-69%
2009 Q2	$9,516,695,635	-60%	-70%
2009 Q1	-$44,845,499,339	159%	104%
2008	$56,165,464,197	-50%	-42%
2008 Q4	$36,046,098,712	-44%	-34%
2008 Q3	$13,751,457,775	-64%	-46%
2008 Q2	$23,689,133,013	-26%	-4%
2008 Q1	-$17,321,225,304	-21%	107%

Net Result in Debt Load – Green indicates that consumers decreased their debt relative to the previous quarter. Red indicates they increased their debt relative to the previous quarter.

Relative to Same Period – Green indicates that consumers either paid down more debt or accumulated less debt than they did in the previous two years. Red indicates that they either paid down less debt or accumulated more debt than they did in the same quarter in the previous two years.

Consumer Credit Card Debt and Charge-off Data (in Billions) Q1 1986 – Q4 2022:

Period	Total Outstanding Credit Card Debt	Change In Outstanding Credit Card Debt	Quarterly Credit Card Charge-Off in Dollars	Net Result in Debt Load
2022	$1,179.4	$158.0	$7.2	$180.3
2022 Q4	$1,179.4	$78.6	$7.2	$85.8
2022 Q3	$1,100.8	$34.4	$5.3	$39.7
2022 Q2	$1,066.4	$62.1	$5.3	$67.3
2022 Q1	$1,004.3	-$17.1	$4.6	-$12.5
2021	$1,021.4	$66.3	$20.5	$86.8
2021 Q4	$1,021.4	$69.2	$4.0	$73.2
2021 Q3	$952.2	$19.9	$4.0	$23.9
2021 Q2	$932.3	$39.4	$5.9	$45.4
2021 Q1	$892.9	-$62.2	$6.6	-$55.6
2020	$955.1	-$115.0	$33.0	-$82.1
2020 Q4	$955.1	$30.2	$6.2	$36.4
2020 Q3	$924.9	-$8.6	$7.7	-$0.9
2020 Q2	$933.5	-$68.1	$9.4	-$58.7
2020 Q1	$1,001.6	-$68.5	$9.7	-$58.8
2019	$1,070.1	$37.3	$37.8	$75.2
2019 Q4	$1,070.1	$46.9	$9.8	$56.8
2019 Q3	$1,023.2	$13.3	$8.9	$22.1
2019 Q2	$1,009.9	$24.7	$9.7	$34.5
2019 Q1	$985.2	-$47.6	$9.4	-$38.2
2018	$1,032.8	$36.3	$35.8	$72.1
2018 Q4	$1,032.8	$49.5	$9.2	$58.7
2018 Q3	$983.3	$19.3	$8.5	$27.8
2018 Q2	$964.0	$11.9	$9.0	$20.9
2018 Q1	$952.1	-$44.4	$9.0	-$35.3
2017	$996.5	$55.6	$33.4	$89.0
2017 Q4	$996.5	$58.6	$9.0	$67.6
2017 Q3	$937.9	$14.2	$7.9	$22.0
2017 Q2	$923.7	$24.1	$8.4	$32.6
2017 Q1	$899.6	-$41.3	$8.1	-$33.3

*Numbers may differ from year to year due to the fact that the Federal Reserve regularly retroactively updating figures. Questions or requests for information can be directed to our media department.

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CREDIT CARD DEBT STUDY

FED RATE HIKE REPORT

WALLETHUB COMMENTARY

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Questions & Answers(15 questions)

How can I pay off $2,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $2,000 in credit card debt within 36 months, you need to pay $72 per month, assuming an APR of 18%. While you would incur $608 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $2,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $2,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$172	$0	$142
24	$90	$99	$240
36	$64	$257	$291
48	$52	$436	$331
60	$45	$629	$367

Of course, these aren't the only timelines that you could commit to with $2,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $2,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $2,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $2,000 in Credit Card Debt

1. 0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.

2. Personal Loan

Personal loans can be used to pay off $2,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

3. Debt Settlement

Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you'll likely just end up back in debt.

4. Debt Management Plan

Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $2,000 with these plans.

5. Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How can I pay off $3,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $3,000 in credit card debt within 36 months, you need to pay $109 per month, assuming an APR of 18%. While you would incur $912 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $3,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $3,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$258	$0	$213
24	$135	$148	$361
36	$97	$386	$436
48	$78	$654	$496
60	$67	$944	$550

Of course, these aren't the only timelines that you could commit to with $3,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $3,000 in debt to a 0% APR balance transfer credit card would save you money.

The best way to pay off $3,000 in debt fast is to use a 0% APR balance transfer credit card because it will enable you to put your full monthly payment toward your current balance instead of new interest charges. As long as you avoid adding new debt, you can repay what you owe in a matter of months.

Getting a 0% APR credit card isn't the only way to pay off $3,000 in debt, though. In fact, there are many options to consider, each suited for slightly different situations

Ways to Pay Off $3,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $3,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How do I pay off $10,000 credit card debt?

Upvotes

WalletHub

In order to pay off $10,000 in credit card debt within 36 months, you need to pay $362 per month, assuming an APR of 18%. While you would incur $3,039 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $10,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $10,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$858	$0	$709
24	$450	$495	1,202
36	$322	$1,286	$1,453
48	$260	$2,182	$1,651
60	$224	$3,146	$1,833

Of course, these aren't the only timelines that you could commit to with $10,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $10,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $10,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $10,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $10,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

View more answers

How can I pay off $7,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $7,000 in credit card debt within 36 months, you need to pay $254 per month, assuming an APR of 18%. While you would incur $2,127 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $7,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $7,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$601	$0	$496
24	$315	$346	$842
36	$225	$900	$1,017
48	$182	$1,527	$1,156
60	$157	$2,202	$1,283

Of course, these aren't the only timelines that you could commit to with $7,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $7,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $7,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $7,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $7,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How can I pay off $40,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $40,000 in credit card debt within 36 months, you need to pay $1,449 per month, assuming an APR of 18%. While you would incur $12,154 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $40,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $40,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$3,433	$0	$2,836
24	$1,799	$1,979	$4,809
36	$1,287	$5,143	$5,811
48	$1,040	$8,726	$6,606
60	$896	$12,582	$7,334

Of course, these aren't the only timelines that you could commit to with $40,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $40,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $40,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $40,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $40,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How can I pay off $9,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $9,000 in credit card debt within 36 months, you need to pay $326 per month, assuming an APR of 18%. While you would incur $2,735 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $9,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $9,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$773	$0	$638
24	$405	$445	$1,082
36	$290	$1,157	$1,308
48	$234	$1,963	$1,487
60	$202	$2,831	$1,650

Of course, these aren't the only timelines that you could commit to with $9,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $9,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $9,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $9,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $9,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How can I pay off $1,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $1,000 in credit card debt within 36 months, you need to pay $36 per month, assuming an APR of 18%. While you would incur $304 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $1,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $1,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$86	$0	$71
24	$45	$49	$121
36	$32	$129	$145
48	$26	$218	$165
60	$22	$315	$183

Of course, these aren't the only timelines that you could commit to with $1,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $1,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $1,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $1,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $1,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How can I pay off $5,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $5,000 in credit card debt within 36 months, you need to pay $181 per month, assuming an APR of 18%. While you would incur $1,519 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $5,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $5,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$429	$0	$355
24	$225	$247	$602
36	$161	$643	$727
48	$130	$1,091	$825
60	$112	$1,573	$916

Of course, these aren't the only timelines that you could commit to with $5,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $5,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $5,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $5,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $5,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How can I pay off $25,000 in credit card debt?

Upvotes

WalletHub

In order to pay off $25,000 in credit card debt within 36 months, you need to pay $905 per month, assuming an APR of 18%. While you would incur $7,596 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub's Credit Card Landscape Report, and the average balance transfer fee is 2.55% of the transferred amount. Below, you can see how much you could save while paying off $25,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.

Paying Off $25,000 with a 0% APR Balance Transfer Card

Months to Payoff	Monthly Payment	Total Interest Paid	Total Savings vs. Regular Card
12	$2,146	$0	$1,773
24	$1,124	$1,237	$3,006
36	$805	$3,214	$3,632
48	$650	$5,454	$4,128
60	$560	$7,864	$4,583

Of course, these aren't the only timelines that you could commit to with $25,000 in debt. To price out more options, try WalletHub's debt payoff calculator. This calculator can also help you decide if transferring the $25,000 in debt to a 0% APR balance transfer credit card would save you money.

Getting a 0% APR credit card isn't the only way to pay off $25,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.

Ways to Pay Off $25,000 in Credit Card Debt

0% APR Credit Card
Personal Loan
Debt Settlement
Debt Management Plan
Bankruptcy

0% APR Credit Card

0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.

Personal Loan

Personal loans can be used to pay off $25,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.

Debt Settlement

Debt Management Plan

Bankruptcy

Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.

How To Pay Off Credit Card Debt

Upvotes

Adam McCann, Financial Writer

The best way to pay off credit card debt is as soon as possible. And you can save both time and money by using a credit card payoff calculator as well as a 0% balance transfer credit card, if you have good or excellent credit. You can check your latest credit score for free on WalletHub to find out.

The more credit card debt you owe and the more balances you have, the more complicated things can get. That's why you need a plan. Below, we'll explain the best ways to pay off credit card debt as quickly and inexpensively as possible, starting with WalletHub's preferred method.

How To Pay Off Credit Card Debt in 6 Easy Steps

View entire answer

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