20+ Key Credit Card Debt Statistics, Facts, and Trends

People of all ages carry credit cards, but there are some demographics that have larger credit card debt than others. The title for the highest average credit card debt goes to members of Gen X. The lowest goes to Generation Z.

If you want to know more about the factors associated with credit card debt, the following statistics might be what you’re looking for.

General Credit Card Debt Statistics and Facts

General credit card debt statistics concept, a woman is sitting on a big credit card with scissors in her hands.

 

  1. Credit card debt comes in at number two behind mortgage debt, in terms of debt source.
  2. In the US, 1.06 billion credit cards are in use and there are 2.8 billion credit cards worldwide.
  3. On average, Americans have four credit cards.
  4. In the EU, the average number of cards carried is between 0.8 and 3.9.
  5. In 2016, in the UK, six in ten adults had a credit or charge card.
  6. In 2016, nine out of ten UK adults were debit cardholders.

Credit Card Debt Demographic Statistics

  1. In the US, cardholders aged 75 or older had the highest average credit card debt of $8,100.
  2. In the US, cardholders under 35 had the lowest average credit card debt of $4,289.
  3. US residents in the 60th to 79.9th annual income percentile are more likely to be in debt (57%).
  4. White Americans have the highest average debt, $6.900.
  5. The age group most likely to carry credit card debt is between 45 and 54 years old (52%).

US Credit Card Debt Statistics

US credit card debt statistics, data analysis iand a map symbols, people analyze statistical data of credit card holders.

  1. In Q4 2021, there were 532 million US credit card accounts, a 5% increase since Q4 2020.
  2. In Q4 2021, the total value of credit card debt was $860 billion, down from $893 billion in Q1 2020.
  3. The average US credit card holder has a credit card debt of $5,934.
  4. The average American opens their first credit card account at the age of 20.
  5. 70% of Americans consider reducing their debt a priority.
  6. In the US, the average credit card debt has decreased by 14.9%.
  1. During the early stages of the pandemic, the average credit card debt declined and the downward trend continues.
  2. In 2021, the average FICO score increased to 716, which is an all-time high.
  3. Compared to 2019, credit card balances were lower by $71 billion, at the end of 2021.

FAQs

How much debt does the average person have on their credit card?

The average American carries $6,194 in credit card debt. The reason for such a high figure is home mortgages. Credit card debt is the next main source of debt, followed by education and auto loans.

How much debt does the average 35-year-old have?

The average 35-year-old has $135,841. The reason for such a high figure is home mortgages. Credit card debt is the next main source of debt, followed by education and auto loans.

What percentage of college students have credit card debt?

On average, college students have more than $3,280 worth of credit card debt. 64.8% of college students have some form of credit card debt.

Conclusion

Now you appreciate the level of credit card debt, it might spur you into deducing your own. Finding yourself in debt can be stressful and put an unnecessary strain on relationships and affect those around you.

Sources:

Moneygeek
Lending Tree
Valuepenguin
Annuity
NerdWallet
Spendesk
Forbes
College Finance

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