Average Credit Card Debt in America: 2021

column note : The content of this article is based on the author ’ s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit poster issuer. This web site may be compensated through a accredit menu issuer partnership. Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more. Our researchers found the median debt per American family to be $2,700, while the median debt stands at $6,270. The average poise for consumers is $5,315, although some of that debt may be held on joint cards and thus double-counted. overall, Americans owe $807 billion across about 506 million card accounts. Below, you ‘ll find some of the most outstanding trends that emerged .

American credit card debt statistics and key findings

  • Average American family credit card debt: $6,270
  • Total outstanding U.S. consumer debt: $4.2 trillion
  • Total credit card debt: $807 billion
  • 45.4% of families carry some sort of credit card debt.
  • Families with the lowest quartile of net worth (median net worth of $310) hold an average of $4,830 in credit card debt, although only 44% have card debt.
  • The West holds the highest average credit card debt, averaging over $7,000.

This is a graph of average credit card debt

Average credit card debt in America

The average credit circuit board debt of U.S. families is $ 6,270, according to the most recent data from the Federal Reserve ’ s Survey of Consumer Finances. This information comes from data collected through 2019, representing the most authentic measurement of credit circuit board obligation in the U.S .

American consumer debt (billions)

Credit card debt

Total debt

Percentage of credit card debt to total debt

2003 $693 $7,555 9.2%
2004 $706 $8,833 8.0%
2005 $732 $9,792 7.5%
2006 $754 $11,111 6.8%
2007 $817 $12,133 6.7%
2008 $858 $12,675 6.8%
2009 $812 $12,279 6.6%
2010 $731 $11,844 6.2%
2011 $693 $11,661 5.9%
2012 $674 $11,310 6.0%
2013 $672 $11,280 6.0%
2014 $680 $11,710 5.8%

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Average credit card debt by state

How to Pay Down Credit Card Debt
Learn more average credit tease debt varied widely by state. The typical borrower in Alaska carries the most recognition card debt — $ 6,617 on average. This is 10 % more than Connecticut, which carries the following highest median credit batting order debt .
The average borrower in Iowa holds good $ 4,289 in recognition poster debt, which is the least of any state. Wisconsin and Kentucky were among other states that had the lowest average credit card debt .



2020 average credit card balance

29 Alabama $5,047
1 Alaska $6,617
22 Arizona $5,157
37 Arkansas $4,791
26 California $5,120
11 Colorado $5,541
2 Connecticut $6,040
12 Delaware $5,462
8 District of Columbia $5,671
9 Florida $5,623
7 Georgia $5,693
10 Hawaii $5,614

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Average credit card debt by age

median credit circuit board debt peaks for those who are between 45 and 54 years previous, at $ 3,200 .

Median credit card debt

Average credit card debt

Percentage who carry debt

Younger than 35 $1,900 $3,660 47.6%
35-44 $2,700 $5,990 50.5%
45-54 $3,200 $7,670 51.7%
55-64 $3,000 $6,880 46.6%
65-74 $2,850 $7,030 41.1%
75 or older $2,700 $8,080 28.0%

Average credit card debt by income

The greater the family income, the higher the credit tease debt. Individuals in the highest annual income percentile, 90th to 100th, had an modal of $ 12,600 in credit batting order debt — more than three times deoxyadenosine monophosphate much as households making the least .

Income percentile

Median annual income

Percentage who have credit card debt

Average credit card debt

Less than 20 $16,290 30.5% $3,830
20-39.9 $35,630 45.6% $4,650
40-59.9 $59,050 55.0% $4,910
60-79.9 $95,700 56.8% $6,990
80-89.9 $151,700 45.9% $9,780
90-100 $290,160 32.2% $12,600

Average credit card debt by education level

People with college degrees carry higher credit poster balances, even though merely 43 % carry credit card debt, compared with 52 % who have some college and 47 % who ended their department of education after high gear school .
This is a graph of average credit card debt by education level

Average credit card debt by race

People who identified as flannel ( with no Hispanic beginning ) reported their families carried an average of $ 6,940 in credit debt — the highest sum of any racial group .
They were followed by “ other ” — which includes Asians, American Indians and people who identify as multi-racial — with an average credit card debt of $ 6,320. Black households carried the least debt with an modal of $ 3,940, which is 37 % lower than the nationally average.

This is a graph of average credit card debt by race

How the COVID-19 crisis changed credit card debt in America

The average debt for individual consumers dropped from $ 6,194 in 2019 to $ 5,315 in 2020. In fact, the average remainder declined in every state .
Following years of growth, both outstanding credit batting order debt and credit limits from issuers dropped in 2020 amid the coronavirus crisis. The libra decreases have broadly been attributed to drop-offs in outgo during quarantine periods and the ability to pay down balances with economic impact payments and auxiliary unemployment money .
Banks decreased card limits for 34 % of consumers at the start of the crisis, according to CompareCards, as a room to mitigate electric potential losses in unsealed economic times .
This is a graph of credit card limits and balances


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