Average Per Person: $6,501 Average Per Household: $10,848 Total Credit Card Debt: $1.30 Trillion Year Over Year: 15% Up
The average credit card balance is $10,848 per household, as of Q4 2023. Adjusted for inflation, the average household’s balance is actually well below the record high of more than $12,000 at the end of 2008.
Below, you can find additional data on average credit card debt levels over time. Note, when we refer to credit card debt across this page, it means outstanding credit card balances and does not include all the credit card debt that consumers defaulted on and are still liable for.
Key Stats
Average household debt : The average American household owes $10,848 in credit card debt.
Average debt over time : The average American household’s credit card balance has increased by more than 78% since 1990, after adjusting for inflation.
City with the least sustainable credit card debt : It will take people in Juneau, Alaska roughly 81 months to pay off their median debt of $4,383, and it will cost $3,048 to pay off.
City with the most sustainable credit card debt: It will take residents of New Haven, Connecticut roughly 32 months to pay off the city’s median credit card debt of $1,906. They will pay an estimated $491 in finance charges in doing so.
Average Credit Card Debt by Household
Quarterly Average Household U.S. Revolving Consumer Debt
(Source: WalletHub Data, Q4 2023)
View Raw Data
Mean & Median Values of Credit Card Balances for Families (for Balances Greater than Zero) — Adjusted for Inflation
The wide spread between the 2022 mean and median values suggests that at the time 50 percent or more of American families had credit card balances of over $9,540.
(Source: Federal Reserve, 2023)
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Average Credit Card Debt by Region
The Average Amount of Money Owed on Credit Cards by Region
Region
Average Balance
Pacific $6,883 Middle Atlantic $6,774 South Atlantic $6,701 New England $6,359 West South Central $6,291 Mountain $6,321 East North Central $5,769 East South Central $5,648 West North Central $5,743 All National $6,286
The average amount of money owed per individual on revolving credit accounts is $6,286.
Regions with highest average debt: Pacific – $6,883 and Middle Atlantic – $6,774.
Region with lowest average debt: East South Central – $5,648.
(Source: Experian, Q3 2023)
Mean and Median Balance Values by Region
Region
Median Value of Balance
Mean Value of Balance
Northeast $3,181 $7,454 Midwest $2,967 $5,984 Southwest $2,250 $4,846 West $2,718 $6,124
(Source: Federal Reserve, 2023)
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Average Credit Card Debt by Family Characteristics
Mean and Median Balance Values by Family Structure
Family Structure
Median Value of Balance
Mean Value of Balance
Single with child(ren) $1,900 $5,140 Single, no child, age less than 55 $2,000 $3,860 Single, no child, age 55 or more $3,000 $6,090 Couple with child(ren) $3,400 $7,050 Couple with no child $2,800 $6,540
Mean and Median Balance Values by Head of Family Education Level
Education Level
Median Value of Balance
Mean Value of Balance
No high school diploma $1,300 $4,390 High school diploma $2,000 $4,760 Some college $3,000 $6,230 College degree $3,270 $7,270
Mean and Median Balance Values by Head of Family Age
Age
Median Value of Balance
Mean Value of Balance
Less than 35 years $1,700 $4,070 35–44 years $2,900 $6,370 45–54 years $3,000 $6,660 55–64 years $3,500 $7,530 65–74 years $3,500 $7,720 75 or more years $1,170 $3,990
Mean and Median Balance Values by Family Income
Family Income
Median Value of Balance
Mean Value of Balance
Less than $20K $1,140 $3,630 $20K – $39.9K $1,600 $3,840 $40K – $59.9K $2,500 $5,950 $60K – $79.9K $3,500 $7,440 $80K – $99.9K $5,000 $8,900 $90k – $100K $6,000 $11,210
Percent of Families Whose Debt Exceeds 40% of Their Income
(Source: Federal Reserve, 2023)
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Average Credit Card Debt by Generation
Generation
2022
2023
% Change (2023 vs 2022)
Generation Z (18 - 26 years) $2,854 $3,262 14.30% Millennials (27 - 42 years) $5,649 $6,521 15.40% Generation X (43 - 58 years) $8,134 $9,123 12.20% Baby boomers (59 - 77 years) $6,245 $6,642 6.40% Silent Generation (78+ years) $3,316 $3,412 2.90%
(Source: Experian, Q3 2023)
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Average Business Credit Card Debt
Percent of Small Businesses that Carried a Balance
(Source: Federal Reserve, 2023)
Share of Small Business with Debt Outstanding
(Source: Federal Reserve, 2023)
Outstanding Amounts of Business Credit
Info
Outstanding (billions of dollars)
Change from 2021
Average Annual Change (1997-2021)
Total Business Credit
$38,832
6%
5.6%
(Source: Federal Reserve, 2023)
Business Credit-to-GDP Ratios
(Source: Federal Reserve, 2023)
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Total Credit Card Debt Over Time
Total Credit Card Debt Balance (in Billions)
(Source: FRBNY Consumer Credit Panel/Equifax, Federal Reserve & WalletHub data)
Percentage of Unpaid Balance at Any Time During the Past 12 Months
(Source: Federal Reserve Bank of Atlanta, 2022)
The percentage of individuals carrying an unpaid balance decreased by 23% from 2015 to 2022.
Total Credit Card Balance as Percentage of Total Amount of Debt
(Source: FRBNY Consumer Credit Panel/Equifax)
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Raw Data
Total Credit Card Debt Balance (in Billions)
Year & Quarter
Federal Reserve & WalletHub Credit Card Debt Balance
FRBNY & Equifax Credit Card Debt Balance
Credit Card Debt As % of Total Debt (FRBNY & Equifax)
FRBNY & Equifax Total Debt
2023 Q4 $1,293 $1129 6.45% $17,503 2023 Q3 $1,229 $1079 6.24% $17,291 2023 Q2 $1,200 $1031 6.04% $17,063 2023 Q1 $1,155 $986 5.78% $17,047 2022 Q4 $1,188 $986 5.83% $16,900 2022 Q3 $1,110 $925 5.60% $16,510 2022 Q2 $1,076 $887 5.49% $16,150 2022 Q1 $1,015 $841 5.31% $15,840 2021 Q4 $1,032 $856 5.49% $15,580 2021 Q3 $965 $804 5.28% $15,240 2021 Q2 $945 $787 5.26% $14,960 2021 Q1 $893 $770 5.26% $14,640 2020 Q4 $955 $819 5.63% $14,560 2020 Q3 $925 $807 5.62% $14,350 2020 Q2 $934 $817 5.73% $14,270 2020 Q1 $1,002 $893 6.24% $14,300 2019 Q4 $1,070 $927 6.55% $14,145 2019 Q3 $1,023 $881 6.31% $13,952 2019 Q2 $1,010 $868 6.26% $13,860 2019 Q1 $985 $848 6.20% $13,668 2018 Q4 $1,033 $870 6.42% $13,544 2018 Q3 $983 $844 6.25% $13,512 2018 Q2 $964 $829 6.24% $13,293 2018 Q1 $952 $815 6.17% $13,211 2017 Q4 $996 $834 6.34% $13,148 2017 Q3 $938 $808 6.24% $12,955 2017 Q2 $924 $784 6.11% $12,839 2017 Q1 $900 $764 6.00% $12,730 2016 Q4 $941 $779 6.19% $12,576 2016 Q3 $890 $747 6.05% $12,350 2016 Q2 $874 $729 5.93% $12,287 2016 Q1 $847 $712 5.81% $12,252 2015 Q4 $880 $733 6.05% $12,116 2015 Q3 $862 $714 5.92% $12,065 2015 Q2 $845 $703 5.93% $11,850 2015 Q1 $819 $684 5.77% $11,850 2014 Q4 $870 $700 5.92% $11,830 2014 Q3 $830 $680 5.81% $11,710 2014 Q2 $819 $669 5.75% $11,632 2014 Q1 $798 $659 5.66% $11,650 2013 Q4 $837 $683 5.93% $11,521 2013 Q3 $801 $672 5.96% $11,280 2013 Q2 $796 $668 5.99% $11,150 2013 Q1 $783 $660 5.88% $11,230 2012 Q4 $823 $679 5.99% $11,340 2012 Q3 $792 $674 5.96% $11,310 2012 Q2 $786 $672 5.91% $11,380 2012 Q1 $780 $679 5.94% $11,430 2011 Q4 $823 $704 6.11% $11,530 2011 Q3 $789 $693 5.95% $11,650 2011 Q2 $784 $694 5.92% $11,720 2011 Q1 $776 $696 6.38% $10,920 2010 Q4 $822 $730 6.69% $10,900 2010 Q3 $812 $731 6.61% $11,060 2010 Q2 $824 $744 6.66% $11,170 2010 Q1 $837 $762 6.72% $11,350 2009 Q4 $898 $795 6.94% $11,450 2009 Q3 $898 $812 7.01% $11,580 2009 Q2 $909 $824 7.03% $11,720 2009 Q1 $922 $843 7.10% $11,870 2008 Q4 $984 $866 7.20% $12,030 2008 Q3 $963 $858 7.11% $12,060 2008 Q2 $964 $850 7.08% $12,010 2008 Q1 $953 $837 7.00% $11,960 2007 Q4 $982 $839 7.09% $11,830 2007 Q3 $927 $817 7.04% $11,610 2007 Q2 $898 $796 7.01% $11,350 2007 Q1 $875 $764 6.96% $10,970 2006 Q4 $905 $767 7.08% $10,830 2006 Q3 $859 $754 7.08% $10,650 2006 Q2 $842 $739 7.17% $10,310 2006 Q1 $825 $723 7.27% $9,950 2005 Q4 $840 $736 7.66% $9,610 2005 Q3 $802 $732 7.77% $9,420 2005 Q2 $792 $717 7.86% $9,120 2005 Q1 $778 $710 8.04% $8,830 2004 Q4 $808 $717 8.24% $8,700 2004 Q3 $777 $706 8.30% $8,510 2004 Q2 $759 $697 8.50% $8,200 2004 Q1 $753 $695 8.64% $8,040 2003 Q4 $775 $698 8.94% $7,810 2003 Q3 $749 $693 9.49% $7,300 2003 Q2 $744 $693 9.71% $7,140 2003 Q1 $736 $688 9.84% $6,990 2002 Q4 $757 $690 10.36% $6,660 2002 Q3 $727 $680 10.16% $6,690 2002 Q2 $715 $660 10.48% $6,300 2002 Q1 $697 $630 10.06% $6,260 2001 Q4 $720 $640 10.79% $5,930 2001 Q3 $691 $630 10.70% $5,890 2001 Q2 $695 $610 11.03% $5,530 2001 Q1 $680 $600 10.42% $5,760 2000 Q4 $688 $580 10.53% $5,510 2000 Q3 $645 $530 9.93% $5,340 2000 Q2 $624 $540 10.29% $5,250 2000 Q1 $604 $520 10.28% $5,060 1999 Q4 $615 $500 10.50% $4,760 1999 Q3 $592 $500 10.37% $4,820 1999 Q2 $581 $480 10.37% $4,630 1999 Q1 $568 $480 10.57% $4,540
(Source: FRBNY Consumer Credit Panel/Equifax, Federal Reserve & WalletHub data)
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Quarterly Average Household U.S. Revolving Consumer Debt
Year
Per Household
Per Household Adjusted for Inflation
Total Revolving Debt (In Billions)
2023 Q4 $10,789 $10,848 $1,293 2023 Q3 $10,264 $10,285 $1,229 2023 Q2 $10,031 $10,139 $1,200 2023 Q1 $9,668 $9,879 $1,155 2022 Q4 $9,954 $10,343 $1,188 2022 Q3 $9,309 $9,673 $1,110 2022 Q2 $9,032 $9,401 $1,076 2022 Q1 $8,524 $9,144 $1,015 2021 Q4 $8,679 $9,601 $1,032 2021 Q3 $8,117 $9,126 $965 2021 Q2 $7,962 $9,038 $945 2021 Q1 $7,526 $8,763 $893 2020 Q4 $8,057 $9,540 $955 2020 Q3 $7,809 $9,253 $925 2020 Q2 $7,890 $9,439 $934 2020 Q1 $8,472 $10,123 $1,002 2019 Q4 $9,060 $10,874 $1,070 2019 Q3 $8,670 $10,414 $1,023 2019 Q2 $8,566 $10,314 $1,010 2019 Q1 $8,363 $10,146 $985 2018 Q4 $8,775 $10,772 $1,033 2018 Q3 $8,362 $10,216 $983 2018 Q2 $8,205 $10,042 $964 2018 Q1 $8,111 $10,024 $952 2017 Q4 $8,497 $10,630 $996 2017 Q3 $8,004 $10,002 $938 2017 Q2 $7,890 $9,935 $924 2017 Q1 $7,691 $9,729 $900 2016 Q4 $8,051 $10,285 $941 2016 Q3 $7,621 $9,736 $890 2016 Q2 $7,494 $9,590 $874 2016 Q1 $7,265 $9,409 $847 2015 Q4 $7,558 $9,856 $880 2015 Q3 $7,410 $9,604 $862 2015 Q2 $7,273 $9,400 $845 2015 Q1 $7,053 $9,213 $819 2014 Q4 $7,494 $9,844 $870 2014 Q3 $7,158 $9,275 $830 2014 Q2 $7,075 $9,155 $819 2014 Q1 $6,896 $9,002 $798 2013 Q4 $7,240 $9,582 $837 2013 Q3 $6,938 $9,139 $801 2013 Q2 $6,900 $9,113 $796 2013 Q1 $6,792 $8,999 $783 2012 Q4 $7,144 $9,596 $823 2012 Q3 $6,878 $9,167 $792 2012 Q2 $6,837 $9,190 $786 2012 Q1 $6,793 $9,133 $780 2011 Q4 $7,175 $9,805 $823 2011 Q3 $6,834 $9,289 $789 2011 Q2 $6,751 $9,225 $784 2011 Q1 $6,641 $9,165 $776 2010 Q4 $6,996 $9,845 $822 2010 Q3 $6,917 $9,766 $812 2010 Q2 $7,023 $9,938 $824 2010 Q1 $7,139 $10,118 $837 2009 Q4 $7,661 $10,942 $898 2009 Q3 $7,671 $10,955 $898 2009 Q2 $7,769 $11,109 $909 2009 Q1 $7,884 $11,432 $922 2008 Q4 $8,425 $12,360 $984 2008 Q3 $8,263 $11,648 $963 2008 Q2 $8,278 $11,668 $964 2008 Q1 $8,202 $11,846 $953 2007 Q4 $8,461 $12,424 $982 2007 Q3 $8,020 $11,864 $927 2007 Q2 $7,796 $11,540 $898 2007 Q1 $7,621 $11,446 $875 2006 Q4 $7,915 $12,097 $905 2006 Q3 $7,527 $11,441 $859 2006 Q2 $7,395 $11,241 $842 2006 Q1 $7,260 $11,207 $825 2005 Q4 $7,407 $11,608 $840 2005 Q3 $7,100 $11,015 $802 2005 Q2 $7,027 $11,142 $792 2005 Q1 $6,926 $11,050 $778 2004 Q4 $7,214 $11,691 $808 2004 Q3 $6,948 $11,284 $777 2004 Q2 $6,797 $11,051 $759 2004 Q1 $6,758 $11,122 $753 2003 Q4 $6,961 $11,648 $775 2003 Q3 $6,765 $11,265 $749 2003 Q2 $6,747 $11,328 $744 2003 Q1 $6,700 $11,219 $736 2002 Q4 $6,923 $11,803 $757 2002 Q3 $6,664 $11,356 $727 2002 Q2 $6,571 $11,265 $715 2002 Q1 $6,427 $11,087 $697 2001 Q4 $6,657 $11,620 $720 2001 Q3 $6,437 $11,135 $691 2001 Q2 $6,527 $11,309 $695 2001 Q1 $6,443 $11,278 $680 2000 Q4 $6,573 $11,650 $688 2000 Q3 $6,170 $10,955 $645 2000 Q2 $5,985 $10,708 $624 2000 Q1 $5,808 $10,463 $604 1999 Q4 $5,920 $10,848 $615 1999 Q3 $5,718 $10,504 $592 1999 Q2 $5,631 $10,450 $581 1999 Q1 $5,519 $10,317 $568
(Source: WalletHub Data, FDIC)
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