Debt Statistics

Around 60% of people are in credit card debt, according to 2021 data. In 2023, 8 in 10 adults in the U.S. (82%) reported having at least one credit card and 73% of those adults carried a balance. Also, nearly 48% of credit card accounts carry debt, according to the latest reports. For more context, out of the 600 million credit card accounts, over 280 million carried a monthly balance, indicating that millions of people in the U.S. have credit card debt.

Shedding more light on this issue, people between the ages of 30 and 59 have an average of 131.47% more credit card debt than their older and younger counterparts. To delve deeper into credit card debt trends in the U.S., you can read WalletHub's latest Credit Card Debt Study.

Credit cards offer plenty of perks, from rewards on every purchase to 0% APRs, but they can also get accountholders into trouble if they aren't careful. Reducing debt and adopting sustainable spending habits are particularly important.

A college student can begin to get out of credit card debt by reviewing how much they owe and then develop a strategy to pay off that debt. The average credit card balance for college students in 2021 was $3,280, according to a survey by College Finance. According to the study conducted by College Finance, credit card debt causes the most worry among college students, even more so than student loans.

With credit card debt...

The average credit card debt by age ranges from $4,070 for people between the ages of 18 and 35 to $3,990 for people aged 75+. The combined average credit card debt (for all ages) is roughly $10,668 per household, according to WalletHub data and FDIC. It's even higher if you only consider households that carry a balance from month to month.

Average Credit Card Debt by Age Range:

• 18-35: $4,070
• 35-44: $6,370
• 45-54:...

A debt-to-credit ratio is a measure of the amount of debt you owe compared to the total of your credit limits on revolving credit accounts. Revolving credit includes credit cards and lines of credit. Debt-to-credit ratio is another way of saying credit utilization.

Here's an example of a debt-to-credit ratio calculation.

Let's say that you have two credit cards. Card A has a $5,000 credit limit and Card B has a $10,000 credit limit. You...

The average monthly credit card bill is a minimum payment of $110.50, based on the average American credit card balance of $5,525 and the average minimum payment percentage of 2%. It would take over 6 years of minimum payments for the average person to pay off their total credit card bill – assuming there are no new purchases – and it would cost roughly $3,017 in interest. That assumes the average APR on all existing credit...

The average credit card debt held by Gen Z is $2,854, according to Q3 2022 data from the credit bureau Experian. This is the lowest average for any adult generation, which makes sense considering that people in Gen Z (ages 11-26) have had the least amount of time to rack up credit card debt. It's important to note that the average only reflects members of Gen Z who are 18+ years old and can get...

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. For example, some people don't count mortgages because they are viewed as “good debt” by creditors, since they are secured by...

The average credit card debt held by the silent generation is $3,416, according to Q3 2022 data from the credit bureau Experian. The silent generation (ages 78+) has the second lowest debt level among the five generations studied by Experian, beaten only by Gen Z (11-26 years old). 

Average Credit Card Debt by Generation

The average credit card debt for 30 year olds is around $6,600, according to the Experian data report. Compared to people in their 50s, this debt is not so high. According to Experian, people in their 50s have the highest average credit card debt, at around $9,200. This highlights a broader trend: Generation X and millennials aged 30 and above hold the largest share of debt, including credit card debt.

Here are some more...