Credit card debt is a key indicator of how healthy U.S. households are financially. The average credit card balance is $10,848 per household, which is $1,940 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: $1.30 trillion
- Household Average: $10,848
- Household Record: $12,424 (Q4 2007)
- Average APR on Debt: 22.63%
- Delinquency Rate: 3.23% of accounts are 30+ days delinquent
- Charge-Off Rate: 4.65% of accounts are charged-off
- End-of-Year Projection: $120 billion increase in total debt
Table of Contents
Total Credit Card Debt Over TimeCredit Card Debt by HouseholdCredit Card Debt by StateCredit Card Debt by AgeInterest Rates on Credit Card DebtNumber of Accounts With Credit Card DebtCredit Card Debt Survey Stats
Total Credit Card Debt Over Time
Total credit card debt hit a record in absolute terms during Q4 2023.
(Source: FRBNY Consumer Credit Panel/Equifax, Federal Reserve & WalletHub data)
Credit Card Debt by Household
When you adjust for inflation, it’s clear the average household’s balance is not a record.
(Source: WalletHub Data, Q4 2023)
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.
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States with the Most Credit Card Debt
| State | Median Credit-Card Debt | Months & Days Until Payoff |
|---|---|---|
| Alaska | $3,517 | 17 months and 14 days |
| District of Columbia | $3,290 | 15 months and 7 days |
| Colorado | $3,106 | 15 months and 4 days |
| New Hampshire | $2,793 | 14 months and 13 days |
| Vermont | $2,515 | 14 months and 12 days |
| Washington | $2,911 | 14 months and 8 days |
| Oregon | $2,615 | 14 months and 5 days |
| Wyoming | $2,647 | 13 months and 26 days |
| Virginia | $2,867 | 13 months and 25 days |
| Arizona | $2,778 | 13 months and 24 days |
States with the Least Credit Card Debt
| State | Median Credit-Card Debt | Months & Days Until Payoff |
|---|---|---|
| North Carolina | $2,645 | 12 months and 10 days |
| Hawaii | $2,936 | 12 months and 9 days |
| Indiana | $2,322 | 12 months and 6 days |
| Arkansas | $2,360 | 11 months and 29 days |
| Ohio | $2,375 | 11 months and 27 days |
| Iowa | $2,077 | 11 months and 21 days |
| Pennsylvania | $2,439 | 11 months and 15 days |
| Kentucky | $2,230 | 11 months and 13 days |
| Mississippi | $2,304 | 11 months and 8 days |
| West Virginia | $2,131 | 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 128.97% more credit card debt than their older and younger counterparts. Below, you can see the latest averages by age group.
(Source: New York Fed Consumer Credit Panel/Equifax)
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.
(Source: American Bankers Association, 2023)
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.
- 78% of Americans think credit card debt is out of control.
- 41% of Americans say they have more credit card debt now than they did 12 months ago.
- More than 1 in 5 people say they will have more credit card debt by the end of 2024.
- Nearly 1 in 4 Americans are very stressed about their credit card debt.
- Nearly 3 in 4 people think the current amount of credit card debt held by U.S. households is a threat to the economy.
- Nearly 1 in 3 people have tried “buy now, pay later” loans because they can’t add more credit card debt.
- Nearly 1 in 5 Americans would go to jail for a year to get their credit card debt paid off.
Check out the full survey results.
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