A credit card has become a mandatory portion of Americans’ total household debt.
According to the most recent U. S credit card debt and household data, consumers in the United States owe an enormous amount of Credit card debt reaching up to $841 billion in the first three months of 2022.
The credit card debt in the United States reached its all-time in 2019, hitting $930 billion in the fourth quarter of that year.
Although a slight drop was seen during the COVID-19 pandemic, total credit card balances in America rose by 9.2% from 2021 to 2022, and there’s a good chance that they will soon hit a new record high.
If you are also overwhelmed by credit card debt, learning about credit card statistics can help you review your situation better and decide on a strategy to get rid of your debt.
In this credit card debt statistics, we’ll be looking at the credit card statistics 2022 that will show you the way in darkness.
All the data presented in this article is taken from government agencies and credit bureaus.
Let’s dive right in!
How Much Credit Card Debt Does Americans Have?
According to Experian, an average American has an average balance of $5,221 as of the third quarter of 2022.
Although it is still a lot, there’s a 1.8% decrease from 2020 and even lower as compared to the statistics before COVID-19.
Here is a list of credit card debt statistics from the year 2003 to 2022:
|Year||Credit Card Debt||Total Debt||Percentage of Total Debt|
|2003||$688 billion||$7.23 trillion||9.5%|
|2004||$695 billion||$8.29 trillion||8.4%|
|2005||$710 billion||$9.21 trillion||7.7%|
|2006||$723 billion||$10.38 trillion||7.0%|
|2007||$764 billion||$11.50 trillion||6.6%|
|2008||$837 billion||$12.54 trillion||6.7%|
|2009||$843 billion||$12.53 trillion||6.7%|
|2010||$762 billion||$12.12 trillion||6.3%|
|2011||$696 billion||$11.75 trillion||5.9%|
|2012||$679 billion||$11.44 trillion||5.9%|
|2013||$660 billion||$11.23 trillion||5.9%|
|2014||$659 billion||$11.65 trillion||5.7%|
|2015||$684 billion||$11.85 trillion||5.8%|
|2016||$712 billion||$12.25 trillion||5.8%|
|2017||$764 billion||$12.73 trillion||6.0%|
|2018||$815 billion||$13.21 trillion||6.2%|
|2019||$848 billion||$13.67 trillion||6.2%|
|2020||$893 billion||$14.20 trillion||6.2%|
|2021||$770 billion||$14.64 trillion||5.3%|
|2022||$841 billion||$15.84 trillion||5.3%|
Table 1: Statistics sourced from Federal Reserve Bank New York (2022)
What Is The Average Credit Card Deby By Age?
Credit card debt varies depending on age. On average, older adults tend to have more credit card debt than younger adults.
People in the age group younger than 35 have the lowest average credit card debt, while people 75 or older have the highest average credit card debt.
Around 52% of Americans between the ages of 45-54 are most likely to carry credit card debt.
Here are the average credit card statistics by age:
|Age Group||% Who Carry Credit Card Debt||Median Credit Card Debt||Average Credit Card Debt|
|35 or Younger||48%||$1,900||$3,700|
|35 to 44||51%||$2,600||$6,000|
|45 to 54||52%||$3,200||$7,700|
|55 to 64||47%||$3,000||$6,900|
|65 to 74||41%||$2,900||$7,000|
|75 or older||28%||$2,700||$8,100|
What Is The Average Credit Card Deby By Income?
Although people with higher income brackets tend to carry more credit card balances, the middle and upper-middle class has the highest credit card debt. Americans in the 60th through the 79th income percentiles have credit card debt of approximately 56.8%.
People lying in the highest and lowest income percentiles are likely to carry balances on their credit cards. As per an estimate, less than a third of each group has credit card debt.
|Income Percentile||Median Yearly Income||Average Credit Card Debt||Percentage with Credit Card Debt|
What Is The Average Credit Card Deby By Ethnicity & Race?
As per data from the Federal Reserve’s Survey of Consumer Finances, non-Hispanic white Americans reported an average of $6,900 in credit card debt, which is the highest among all the groups surveyed.
On the other hand, black and African Americans recorded the lowest amount of credit card debt, with an average of $3,900 per cardholder.
|Ethnicity/Race||Median Credit Card Debt||Average Credit Card Debt||% Who holds the debt|
|Black or African Americans||$1,300||$3,900||48%|
|Latino or Hispanic||$1,900||$5,500||50%|
Which States Have The Highest Credit Card Debt?
Alaska, Connecticut, and Virginia are among the top 10 highest debt states Of 2022. Alaska leads the United States in credit card debt with an average debt of $6,617.
Here’s a list of states with the highest credit card debt as of 2022:
|State||Credit Card Debt|
|District of Columbia||$5,671|
Which States Have The Lowest Credit Card Debt?
According to LendingTree data, Midwest states like Iowa, Idaho, and Wisconsin rank in the top five states with the lowest average credit card balances.
Iowa tops the list with 27% less credit card debt than any state with a balance of $4,289, while Mississippi enjoys the lowest cost of living.
Check out the table below to see the list of lowest debt states in the U.S:
|State||Credit Card Debt|
How Many Americans Are Currently Delinquent with Their Credit Card Payments?
Any credit card account which is 30-days past the due date is considered delinquent, and the late payment record is added to the credit card holder’s report.
The record of delinquency is damaging to the credit scores of the cardholder and also carries serious financial penalties. However, the consequences get worse as credit cards reach 60-90 days past the due date.
According to the latest delinquency data from the Federal Reserve, nearly 1.73% of credit card accounts are currently 30 days late with their payments.
The delinquency rate has increased from 1.63% to 1.73% in the first quarter of 2022.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.