Average Credit Card Debt in America

The average amount of credit card debt per person varies depending on age, race, income and location. MoneyGeek analyzed key credit card debt statistics to explore the state of debt in the U.S. and understand the factors associated with credit card debt.

According to data from the New York Federal Reserve, the average credit card balance in the U.S. displayed notable fluctuations from 2003 to the early parts of 2024. The balance steadily rose from $688 billion in Q1 2003 to a peak of $866 billion in Q4 2008 before descending to a low of $659 trillion in Q1 2014. The 2008 financial crisis likely contributed to a subsequent reduction. From 2015, an upward trajectory resumed, with a dip in 2020 possibly linked to the COVID-19 pandemic's economic impact.

However, by Q2 2024, the balance reached a two-decade high of $1.14 trillion, highlighting an increased reliance on credit cards over the 20-year span due to high inflation and other macroeconomic factors that followed the pandemic.

Credit card debt tends to vary by age. MoneyGeek’s analysis of data from the Federal Reserve’s 2022 Survey of Consumer Finances found that, on average, older adults have more credit card debt than younger adults.

However, this does not encompass all older adults. Data showed that people 75 and older have the lowest average credit card debt at $4,000. Around 30% of individuals in this age group carry debt. This age group has experienced the most dramatic decline in credit card debt since the pandemic, when in 2019, the average was $8,100.

Adults aged 65 to 74 have the highest average credit card debt at $7,700, and roughly 34% of people in this age group have debt.

Meanwhile, 57% of Americans between the ages of 45 and 54 have credit card debt, making them the age group most likely to carry it. The average credit card debt for this age group is $6,700.

Credit card debt in the U.S. varies significantly by region and state, influenced by economic factors and spending behaviors. Our analysis highlights these disparities, focusing on regional trends and pinpointing the highest and lowest debt states.

Regional Analysis

• Northeast: States such as New Jersey ($7,401), Connecticut ($7,381) and New York ($6,809) hold some of the highest debts. This region has an average of around $6,500, influenced by high costs of living and significant metropolitan areas.

• Midwest: States like Iowa ($5,227) and Wisconsin ($5,242) exhibit some of the lowest debts in the nation. The Midwest averages around $5,800, reflecting a generally lower cost of living.

• South: Maryland ($7,282) and Texas ($7,211) top the list in the South, with states like Kentucky ($5,304) at the lower end. The South's average hovers around $6,400, indicating varied economic conditions. While not a state, the District of Columbia is in the Southern U.S., with an average credit card debt of $7,548.

• West: Alaska takes the lead with $7,863, significantly higher than many other states. The West has a diverse debt range but averages approximately $6,500, affected by states like Hawaii ($7,107) and Colorado ($6,996).

Top and Bottom States

• Highest Average Debt: Alaska stands out with the highest average credit card debt of $7,863. Following closely are New Jersey ($7,401) and Connecticut ($7,381).

• Lowest Average Debt: Iowa holds the lowest average at $5,227, closely followed by Wisconsin ($5,242) and Kentucky ($5,304). These states benefit from lower living costs compared to the national average.

By analyzing data from the Federal Reserve’s Survey of Consumer Finances, MoneyGeek found that credit card debts and balances vary by household income.

Generally, households with higher incomes tend to have higher credit card debts. For instance, households in the highest income percentile — 90th to 100th — have an average of $11,200 of credit card debt. That's more than three times more than the income bracket with the lowest average debt. Those with the lowest annual income percentile — less than the 20th — had the lowest average credit card debt ($3,600).

Americans in the 40th to 59.9th annual income percentile were most likely to carry debt; approximately 57% of individuals in this income bracket had credit card debt.

U.S. residents identifying themselves as white (non-Hispanics) reported an average of $6,900 credit debt, according to the Federal Reserve’s Survey of Consumer Finances. This group had the highest average credit card balance of any surveyed.

Hispanic and Latino cardholders recorded the lowest amount of credit card debt at an average of $4,200 per cardholder.

Black and African-American non-Hispanic cardholders had an average of $4,400 credit card debt per person during the same period. Those who identified with a race outside those mentioned above or as multiple races averaged $5,900 in credit card debt.

Black and African-American cardholders had the highest percentage of individuals with debt at 56%. Those who identified as white (non-Hispanic) had the lowest rate of individuals who carried debt at 42%.

MoneyGeek has various guides to help you better understand credit cards and credit card debts.

• Find the Credit Card That Works for You: MoneyGeek provides options for people looking for credit cards for a specific need. It includes links to various guides, tools and recommendations.
• How to Be Debt Free: MoneyGeek breaks down the results of not paying credit card debt on time. This guide also outlines helpful strategies to pay off your credit card debt.
• Understanding Credit Discrimination: Find out if you’re at risk and learn how to spot credit discrimination.
• Best Credit Cards for Bad Credit (300–579) in 2024: Having bad credit can make it challenging to get approval for a credit card. MoneyGeek found the best credit cards for people with bad credit.