Consumer Credit Card Debt

CH-Statistic-Consumer-Credit-Card-DebtCredit card debt levels offer valuable insights into the state of the economy as well as financial literacy and consumer habits.  Year-over-year changes in the total debt load, for example, illustrate the economy’s trajectory, lend context to current events, and reveal potential problem areas for regulators.  Similarly, average household balances and default rates enable consumers to determine if their situation is within the norm, while giving retailers and economists a sense of whether or not spending levels are sustainable.

In considering credit card debt statistics, one must not overlook the importance of charged-off debt.  Pundits often ignore this old debt, which consumers have defaulted on and banks have written off their books.  However, the statute of limitations for credit card debt can be up to 15 years, which means consumers will still owe the money and collectors will try to recoup it long after it’s charged-off.  What’s more, failing to include charged-off debt among total amounts owed leads to a very misleading picture of consumer payment habits.

 

Consumer Credit Card Debt

Amount of U.S. Revolving Consumer Debt — Not Seasonally Adjusted

Year Total (In Billions) Per Household
2013 (Sept) $814.74 $7,026
2012 $845.81 $7,293
2011 $842.46 $7,042
2010 $840.70 $7,088
2009 $917.19 $7,709
2008 $1005.23 $8,478
2007 $1002.91 $8,389
2006 $924.89 $7,870
2005 $856.68 $7,558
2004 $824.42 $7,141
Note: The FED has revised upward the total revolving consumer credit for the period January 2006 – March 2012 (June 7th, 2012 revisions)
Amount of U.S. Revolving Consumer Debt — Not Seasonally Adjusted
(Source: Federal Reserve, September 2013)

The Average Amount of Money Owed Per Individual on Revolving Credit Accounts (e.g. credit cards) and Fixed Payment Accounts (e.g. auto loans)

Region Amount per Person (excludes real estate mortgages)
New England $15,710
Middle Atlantic $14,091
Pacific $13,462
Mountain $13,020
West North Central $12,511
South Atlantic $12,463
East North Central $12,068
West South Central $11,863
East South Central $10,787
US National $12,808

The average amount of money owed per individual on revolving credit accounts (e.g. credit cards) and fixed payment accounts (e.g. auto loans), excluding real estate mortgages is $12,808.

  • Regions with highest average debt: New England – $15,710; Middle Atlantic – $14,091
  • Region with lowest average debt: East South Central – $10,787

The large amount of debt in New England coincides with an average credit score of 709, higher than any other region. This suggests that the amount of debt in that region is related to the large line of credit that is extended to people with high credit scores. This is not the case, however, in the Middle Atlantic where the average amount of debt is higher than any other region and the average credit score is 701.
(Source: Experian National Score Index, November 2013)

A growing share of consumers’ disposable income, which largely determines consumer spending, is being diverted to service credit card debt. As of September 2013, U.S. revolving consumer debt (almost entirely credit card debt) was about $846 Billion. In the second quarter of 2013, 9.89 percent of consumer disposable income went to service this debt.
(Source: FED’s Household Debt Service and Financial Obligations Ratios)

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Total Credit Card Debt Balance (in Trillions)

Year & Quarter Credit Card Debt Balance
99:Q1 $0.48
99:Q2 $0.48
99:Q3 $0.50
99:Q4 $0.50
00:Q1 $0.52
00:Q2 $0.54
00:Q3 $0.53
00:Q4 $0.58
01:Q1 $0.60
01:Q2 $0.61
01:Q3 $0.63
01:Q4 $0.64
02:Q1 $0.63
02:Q2 $0.66
02:Q3 $0.68
02:Q4 $0.69
03:Q1 $0.69
03:Q2 $0.69
03:Q3 $0.69
03:Q4 $0.70
04:Q1 $0.70
04:Q2 $0.70
04:Q3 $0.71
04:Q4 $0.72
05:Q1 $0.71
05:Q2 $0.72
05:Q3 $0.73
05:Q4 $0.74
06:Q1 $0.72
06:Q2 $0.74
06:Q3 $0.75
06:Q4 $0.77
07:Q1 $0.76
07:Q2 $0.80
07:Q3 $0.82
07:Q4 $0.84
08:Q1 $0.84
08:Q2 $0.85
08:Q3 $0.86
08:Q4 $0.87
09:Q1 $0.84
09:Q2 $0.82
09:Q3 $0.81
09:Q4 $0.80
10:Q1 $0.76
10:Q2 $0.74
10:Q3 $0.73
10:Q4 $0.73
11:Q1 $0.70
11:Q2 $0.69
11:Q3 $0.69
11:Q4 $0.70
12:Q1 $0.68
12:Q2 $0.67
12:Q3 $0.67
12:Q4 $0.68
13:Q1 $0.66
13:Q2 $0.67
(Source: FRBNY Consumer Credit Panel/Equifax)
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Average Available Credit for Cardholders

The typical consumer has access to approximately $19,000 on all credit cards combined. More than half of all people with credit cards are using less than 30 percent of their total credit card limit. Just over one in seven is using 80 percent or more of their credit card limit.
(Source: myFICO.com)

The national average balance-to-limit ratio in 2013 was 24.9%, down from 35.3% in 2011. This means that on average, a person owes or uses 24.9% of their available credit limit on revolving accounts.

  • Regions with highest balance-to-limit ratio: West South Central – 26.5%; Mountain – 25.6%; West North Central – 25.6%
  • Region with lowest balance-to-limit ratio: Pacific – 23.7%

Pacific is the region with the lowest balance-to-limit ratio and one of the highest average credit scores. It is interesting to note that they are also one of the regions with the highest average debt per person. These numbers indicate that the high amount of debt compared to the national average has to do with large lines of credit that are extended to people with high credit scores. The high dollar amount of debt is a small percentage of their credit line, which explains the low balance-to-limit ratio.
(Source: Experian National Score Index, November 2013)

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Consumers in Debt

  • In the 12 months prior to March 2013, 8 percent of American adults have been late making a credit card payment. This is down from 11 percent in the same 12 months in 2012 and 9 percent in the same 12 months in 2011.
(Source: National Foundation for Credit Counseling, 2013 Financial Literacy Survey, March 2013)
  • About 3 in 10 American adults (29 percent) admit to not paying their bills on time (down from 33% in 2012) and 3 percent have debts in collection (down from 7 percent in 2012).
(Source: National Foundation for Credit Counseling, 2013 Financial Literacy Survey, March 2013)

Total Debt Balance and its Composition (in Trillions)

Year & Quarter Mortgage HE Revolving Auto Loan Credit Card Student Loan Other Total
99:Q1 $3.20 $0.08 $0.35 $0.48 N/A $0.43 $4.54
99:Q2 $3.31 $0.08 $0.35 $0.48 N/A $0.41 $4.63
99:Q3 $3.46 $0.09 $0.38 $0.50 N/A $0.39 $4.82
99:Q4 $3.37 $0.10 $0.39 $0.50 N/A $0.40 $4.76
00:Q1 $3.62 $0.10 $0.41 $0.52 N/A $0.41 $5.06
00:Q2 $3.71 $0.11 $0.44 $0.54 N/A $0.45 $5.25
00:Q3 $3.82 $0.10 $0.46 $0.53 N/A $0.43 $5.34
00:Q4 $3.90 $0.12 $0.47 $0.58 N/A $0.44 $5.51
01:Q1 $4.08 $0.12 $0.51 $0.60 N/A $0.45 $5.76
01:Q2 $3.84 $0.13 $0.51 $0.61 N/A $0.44 $5.53
01:Q3 $4.17 $0.14 $0.52 $0.63 N/A $0.43 $5.89
01:Q4 $4.15 $0.16 $0.55 $0.64 N/A $0.43 $5.93
02:Q1 $4.45 $0.17 $0.58 $0.63 N/A $0.43 $6.26
02:Q2 $4.43 $0.18 $0.58 $0.66 N/A $0.45 $6.30
02:Q3 $4.74 $0.20 $0.61 $0.68 N/A $0.46 $6.69
02:Q4 $4.66 $0.22 $0.63 $0.69 N/A $0.46 $6.66
03:Q1 $4.94 $0.24 $0.64 $0.69 $0.24 $0.48 $6.99
03:Q2 $5.08 $0.26 $0.62 $0.69 $0.24 $0.49 $7.14
03:Q3 $5.18 $0.27 $0.68 $0.69 $0.25 $0.48 $7.30
03:Q4 $5.66 $0.30 $0.70 $0.70 $0.25 $0.45 $7.81
04:Q1 $5.84 $0.33 $0.72 $0.70 $0.26 $0.45 $8.04
04:Q2 $5.97 $0.37 $0.74 $0.70 $0.26 $0.42 $8.20
04:Q3 $6.21 $0.43 $0.75 $0.71 $0.33 $0.41 $8.51
04:Q4 $6.36 $0.47 $0.73 $0.72 $0.35 $0.42 $8.70
05:Q1 $6.51 $0.50 $0.72 $0.71 $0.36 $0.39 $8.83
05:Q2 $6.70 $0.53 $0.77 $0.72 $0.37 $0.40 $9.12
05:Q3 $6.91 $0.54 $0.83 $0.73 $0.38 $0.41 $9.42
05:Q4 $7.10 $0.56 $0.79 $0.74 $0.39 $0.42 $9.61
06:Q1 $7.44 $0.58 $0.79 $0.72 $0.43 $0.42 $9.95
06:Q2 $7.76 $0.59 $0.80 $0.74 $0.44 $0.42 $10.31
06:Q3 $8.04 $0.60 $0.82 $0.75 $0.45 $0.44 $10.65
06:Q4 $8.23 $0.60 $0.82 $0.77 $0.48 $0.41 $10.83
07:Q1 $8.42 $0.60 $0.79 $0.76 $0.51 $0.40 $10.97
07:Q2 $8.71 $0.62 $0.81 $0.80 $0.51 $0.41 $11.35
07:Q3 $8.93 $0.63 $0.82 $0.82 $0.53 $0.41 $11.61
07:Q4 $9.10 $0.65 $0.82 $0.84 $0.55 $0.42 $11.83
08:Q1 $9.23 $0.66 $0.81 $0.84 $0.58 $0.42 $11.96
08:Q2 $9.27 $0.68 $0.81 $0.85 $0.59 $0.40 $12.01
08:Q3 $9.29 $0.69 $0.81 $0.86 $0.61 $0.41 $12.06
08:Q4 $9.26 $0.70 $0.79 $0.87 $0.64 $0.41 $12.03
09:Q1 $9.14 $0.71 $0.77 $0.84 $0.66 $0.41 $11.87
09:Q2 $9.06 $0.71 $0.74 $0.82 $0.67 $0.39 $11.72
09:Q3 $8.94 $0.71 $0.74 $0.81 $0.69 $0.38 $11.58
09:Q4 $8.84 $0.71 $0.72 $0.80 $0.72 $0.38 $11.45
10:Q1 $8.83 $0.70 $0.70 $0.76 $0.76 $0.36 $11.35
10:Q2 $8.70 $0.68 $0.70 $0.74 $0.76 $0.35 $11.17
10:Q3 $8.61 $0.67 $0.71 $0.73 $0.78 $0.34 $11.06
10:Q4 $8.45 $0.67 $0.71 $0.73 $0.81 $0.34 $10.90
11:Q1 $8.54 $0.64 $0.71 $0.70 $0.84 $0.33 $10.92
11:Q2 $8.51 $0.62 $0.71 $0.69 $0.84 $0.33 $11.72
11:Q3 $8.40 $0.63 $0.73 $0.69 $0.86 $0.32 $11.65
11:Q4 $8.26 $0.62 $0.73 $0.70 $0.86 $0.33 $11.53
12:Q1 $8.18 $0.61 $0.73 $0.67 $0.90 $0.31 $11.43
12:Q2 $8.14 $0.58 $0.75 $0.67 $0.91 $0.31 $11.38
12:Q3 $8.02 $0.57 $0.76 $0.67 $0.95 $0.31 $11.31
12:Q4 $8.03 $0.56 $0.78 $0.67 $0.96 $0.31 $11.34
13:Q1 $7.93 $0.55 $0.79 $0.66 $0.98 $0.30 $11.23
13:Q2 $7.84 $0.54 $0.81 $0.66 $0.99 $0.29 $11.15
13:Q3 $7.89 $0.53 $0.84 $0.67 $1.02 $0.30 $11.28
(Source: FRBNY Consumer Credit Panel/Equifax)
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Number of Consumers With New Foreclosures and Bankruptcies (in Thousands)

Year & Quarter Foreclosure Bankruptcy
99:Q3 136.54 442.28
99:Q4 124.40 448.52
00:Q1 170.48 428.66
00:Q2 127.84 533.50
00:Q3 138.10 452.16
00:Q4 159.44 471.44
01:Q1 166.26 465.22
01:Q2 159.12 659.46
01:Q3 167.96 524.38
01:Q4 167.40 564.70
02:Q1 271.76 778.84
02:Q2 172.50 568.54
02:Q3 187.18 550.10
02:Q4 188.18 551.76
03:Q1 203.32 612.26
03:Q2 169.90 628.66
03:Q3 178.16 542.44
03:Q4 193.24 516.02
04:Q1 186.06 534.90
04:Q2 171.44 579.32
04:Q3 168.80 530.52
04:Q4 184.14 572.92
05:Q1 171.52 462.08
05:Q2 148.78 662.50
05:Q3 157.90 667.92
05:Q4 166.72 948.62
06:Q1 172.86 213.86
06:Q2 179.42 250.96
06:Q3 189.26 271.28
06:Q4 220.20 276.16
07:Q1 267.66 258.84
07:Q2 243.90 290.56
07:Q3 325.44 318.42
07:Q4 348.52 352.32
08:Q1 429.80 326.86
08:Q2 455.44 385.46
08:Q3 446.58 404.08
08:Q4 424.04 431.76
09:Q1 517.38 413.90
09:Q2 566.18 524.08
09:Q3 488.58 517.56
09:Q4 465.80 486.86
10:Q1 456.50 463.18
10:Q2 483.76 621.42
10:Q3 457.32 521.52
10:Q4 447.06 500.12
11:Q1 368.06 433.60
11:Q2 284.22 473.36
11:Q3 264.34 423.34
11:Q4 289.38 425.40
12:Q1 291.42 371.42
12:Q2 255.66 398.98
12:Q3 241.68 354.30
12:Q4 209.66 335.92
13:Q1 183.54 309.20
13:Q2 199.62 380.02
13:Q3 167.66 355.46
(Source: FRBNY Consumer Credit Panel/Equifax)
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Total Debt Per Capita* by State for Arizona, California,
Florida, Illinois, Michigan, & New Jersey (in Thousands)

Year & Quarter AZ CA FL IL MI NJ
99:Q1 $23.35 $31.76 $20.11 $21.81 $19.77 $26.39
99:Q2 $23.71 $33.41 $20.22 $21.48 $19.03 $26.51
99:Q3 $24.34 $33.83 $20.58 $23.17 $21.23 $27.28
99:Q4 $23.37 $33.81 $20.26 $23.17 $21.42 $27.04
00:Q1 $25.79 $34.88 $21.78 $25.25 $22.66 $27.94
00:Q2 $26.62 $36.11 $22.50 $25.37 $23.46 $28.43
00:Q3 $27.62 $36.89 $22.55 $25.99 $24.01 $28.53
00:Q4 $26.76 $36.18 $22.47 $25.58 $23.97 $27.77
01:Q1 $28.61 $37.96 $23.60 $26.45 $24.48 $29.23
01:Q2 $26.06 $36.04 $22.20 $25.30 $24.02 $27.83
01:Q3 $27.96 $37.15 $23.35 $27.04 $25.09 $29.91
01:Q4 $27.35 $36.73 $23.77 $26.83 $24.67 $29.07
02:Q1 $29.08 $38.31 $23.99 $28.46 $26.27 $30.90
02:Q2 $28.93 $36.95 $24.38 $28.09 $27.42 $32.48
02:Q3 $30.62 $40.93 $25.89 $30.11 $28.50 $33.72
02:Q4 $30.04 $40.45 $26.24 $29.26 $28.47 $33.01
03:Q1 $31.67 $43.06 $27.59 $31.75 $29.96 $35.20
03:Q2 $32.67 $43.99 $28.11 $32.62 $30.31 $35.40
03:Q3 $32.90 $45.25 $29.09 $32.91 $31.05 $36.32
03:Q4 $35.79 $48.80 $30.73 $35.54 $32.63 $39.24
04:Q1 $36.29 $50.91 $31.66 $36.21 $33.61 $40.91
04:Q2 $37.56 $52.21 $32.83 $36.74 $34.49 $42.15
04:Q3 $39.59 $55.67 $34.38 $38.05 $35.58 $44.15
04:Q4 $40.24 $57.10 $35.18 $38.94 $36.19 $44.94
05:Q1 $40.69 $59.03 $35.56 $39.44 $36.09 $45.33
05:Q2 $42.78 $61.49 $36.60 $40.36 $36.70 $46.83
05:Q3 $43.79 $63.58 $38.85 $43.00 $36.99 $47.81
05:Q4 $45.78 $65.88 $39.46 $42.14 $37.17 $49.34
06:Q1 $48.66 $69.77 $41.40 $43.43 $37.97 $51.62
06:Q2 $51.98 $72.74 $43.75 $45.00 $38.52 $52.76
06:Q3 $54.48 $76.12 $46.05 $46.35 $39.03 $54.55
06:Q4 $55.68 $77.47 $48.29 $46.26 $39.23 $55.59
07:Q1 $57.56 $79.25 $49.36 $46.49 $39.12 $55.75
07:Q2 $59.73 $80.83 $51.40 $47.04 $39.61 $58.19
07:Q3 $61.97 $82.68 $53.35 $48.36 $39.51 $58.23
07:Q4 $63.58 $86.02 $54.63 $50.75 $40.08 $60.70
08:Q1 $64.76 $87.69 $56.41 $51.57 $40.52 $62.09
08:Q2 $65.70 $87.38 $56.16 $52.91 $40.96 $63.19
08:Q3 $63.94 $87.33 $56.60 $53.36 $40.47 $64.10
08:Q4 $63.23 $86.03 $55.99 $52.93 $40.82 $64.03
09:Q1 $62.82 $85.31 $55.36 $51.67 $40.21 $63.60
09:Q2 $60.93 $84.64 $54.74 $51.20 $39.82 $61.56
09:Q3 $57.97 $82.36 $53.20 $50.61 $39.14 $61.68
09:Q4 $58.79 $80.65 $51.61 $49.55 $37.97 $61.78
10:Q1 $56.02 $79.37 $51.67 $49.33 $37.94 $62.70
10:Q2 $54.40 $77.53 $49.74 $48.66 $37.00 $61.39
10:Q3 $52.86 $76.03 $48.46 $47.68 $36.34 $62.05
10:Q4 $51.50 $73.88 $47.17 $46.59 $35.61 $60.79
11:Q1 $51.51 $74.37 $46.91 $46.83 $35.54 $61.89
11:Q2 $51.52 $74.24 $47.53 $48.58 $37.19 $61.81
11:Q3 $50.88 $72.99 $47.30 $48.36 $36.74 $63.20
11:Q4 $49.52 $71.60 $46.70 $47.86 $36.78 $62.67
12:Q1 $49.69 $70.92 $46.22 $47.80 $36.30 $62.25
12:Q2 $48.28 $69.65 $45.44 $47.54 $36.12 $62.81
12:Q3 $46.99 $68.89 $45.50 $46.90 $36.29 $60.77
12:Q4 $46.91 $68.41 $44.43 $47.08 $36.38 $61.15
13:Q1 $47.00 $67.71 $67.71 $46.27 $36.00 $59.25
13:Q2 $45.59 $66.93 $42.41 $45.99 $35.89 $58.84
13:Q3 $44.47 $63.80 $40.45 $44.57 $34.26 $56.64
*Note: Based on the population with a credit report
(Source: FRBNY Consumer Credit Panel/Equifax)
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Total Debt Per Capita* by State for Nevada, New York,
Ohio, Pennsylvania, Texas, and National (in Thousands)

Year & Quarter NV NY OH PA TX ALL
99:Q1 $25.73 $19.86 $17.99 $17.59 $18.01 $21.47
99:Q2 $27.12 $20.13 $18.27 $18.51 $18.72 $22.00
99:Q3 $28.31 $21.04 $18.50 $18.43 $19.25 $22.79
99:Q4 $25.64 $21.12 $19.32 $18.92 $18.94 $22.77
00:Q1 $27.43 $22.09 $20.97 $19.82 $19.77 $23.98
00:Q2 $28.57 $22.58 $21.78 $20.22 $20.56 $24.60
00:Q3 $29.03 $22.85 $22.05 $20.29 $20.15 $24.94
00:Q4 $29.62 $22.63 $22.10 $20.08 $20.50 $24.87
01:Q1 $30.88 $23.66 $21.78 $20.49 $21.60 $25.77
01:Q2 $29.08 $21.52 $22.10 $19.89 $20.32 $24.49
01:Q3 $30.92 $23.83 $23.04 $21.01 $21.43 $25.96
01:Q4 $31.50 $23.54 $23.14 $20.57 $21.23 $25.72
02:Q1 $32.45 $24.63 $24.26 $21.94 $21.75 $26.95
02:Q2 $34.98 $25.17 $24.40 $21.51 $21.90 $27.08
02:Q3 $35.11 $26.26 $26.28 $22.80 $23.60 $28.69
02:Q4 $36.73 $26.30 $25.73 $22.90 $23.02 $28.42
03:Q1 $37.64 $27.65 $27.49 $23.91 $24.22 $30.17
03:Q2 $38.01 $28.08 $28.54 $24.04 $24.41 $30.71
03:Q3 $38.19 $28.99 $28.85 $24.59 $25.17 $31.33
03:Q4 $42.12 $31.00 $30.24 $26.20 $26.03 $33.40
04:Q1 $43.08 $31.77 $30.57 $26.98 $26.50 $34.27
04:Q2 $44.24 $32.14 $30.59 $28.02 $26.41 $35.04
04:Q3 $46.07 $33.12 $30.65 $28.40 $26.89 $36.35
04:Q4 $50.24 $34.17 $30.89 $29.19 $27.38 $37.30
05:Q1 $51.76 $34.73 $31.02 $29.37 $27.35 $37.74
05:Q2 $52.44 $35.93 $31.88 $30.36 $28.18 $38.83
05:Q3 $54.84 $37.48 $32.10 $30.47 $28.87 $40.00
05:Q4 $57.56 $37.41 $31.78 $31.16 $28.98 $40.66
06:Q1 $61.55 $39.30 $32.16 $31.82 $28.88 $41.90
06:Q2 $66.73 $40.05 $32.68 $32.52 $29.95 $43.45
06:Q3 $70.93 $41.36 $33.35 $33.08 $30.78 $45.02
06:Q4 $72.13 $42.79 $33.59 $33.63 $30.89 $45.83
07:Q1 $73.82 $43.75 $33.98 $34.00 $31.75 $46.23
07:Q2 $78.57 $45.07 $34.65 $35.17 $32.31 $47.60
07:Q3 $81.30 $46.38 $34.21 $35.48 $32.76 $48.72
07:Q4 $82.63 $48.36 $35.17 $37.81 $34.11 $50.22
08:Q1 $87.52 $49.10 $36.18 $38.33 $35.49 $51.49
08:Q2 $87.93 $50.04 $36.72 $39.35 $36.42 $52.33
08:Q3 $85.88 $50.37 $36.70 $39.73 $36.53 $52.30
08:Q4 $85.26 $49.93 $36.66 $40.00 $36.57 $52.19
09:Q1 $89.02 $50.45 $35.93 $39.58 $36.18 $51.55
09:Q2 $80.44 $50.21 $36.06 $38.99 $36.09 $51.15
09:Q3 $80.53 $49.60 $35.71 $39.30 $35.85 $50.54
09:Q4 $76.29 $49.29 $35.49 $38.97 $35.81 $49.83
10:Q1 $75.25 $49.48 $35.22 $38.74 $35.48 $49.51
10:Q2 $72.53 $49.42 $34.92 $38.17 $35.34 $48.82
10:Q3 $67.88 $48.92 $34.56 $38.37 $35.15 $48.29
10:Q4 $64.75 $48.35 $34.05 $38.10 $34.60 $47.39
11:Q1 $63.98 $47.64 $33.94 $37.89 $34.60 $47.42
11:Q2 $61.02 $49.53 $35.60 $39.19 $35.56 $48.47
11:Q3 $59.05 $49.70 $35.55 $38.93 $35.71 $48.26
11:Q4 $56.93 $49.56 $35.33 $39.23 $35.45 $47.80
12:Q1 $57.07 $49.44 $35.20 $39.08 $35.12 $47.51
12:Q2 $56.63 $49.49 $34.91 $39.14 $35.26 $47.36
12:Q3 $54.11 $48.91 $34.99 $38.62 $35.31 $47.01
12:Q4 $52.66 $49.37 $34.56 $39.13 $35.41 $47.06
13:Q1 $51.19 $48.87 $34.08 $38.72 $35.44 $46.27
13:Q2 $49.35 $47.17 $33.30 $38.72 $35.43 $45.85
13:Q3 $46.55 $47.25 $32.24 $37.77 $37.77 $44.53
*Note: Based on the population with a credit report
(Source: FRBNY Consumer Credit Panel/Equifax)
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Mean & Median Credit Card Balances

Mean & Median Values of Credit Card Balances for Families with a Credit Card Balance Greater Than Zero — Adjusted for Inflation

2010 2007 2004 2001 1998 1995 1992 1989
Mean $7,100 $7,300 $5,600 $4,800 $5,200 $4,000 $3,300 $3,000
Median $2,600 $3,000 $2,400 $2,200 $2,200 $2,000 $1,400 $1,400
(Source: Federal Reserve)
  • The wide spread between the 2010 mean and median values suggests that at the time 50 percent or more of American families had credit card balances of over $11,600.

Average Minimum Monthly Payments

Region Amount per Person (excludes real estate mortgages)
Pacific $637
New England $696
Mountain $592
Middle Atlantic $610
South Atlantic $549
East North Central $529
West North Central $595
West South Central $523
East South Central $461
US National $573
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Quarterly Credit Card Balance, Available Credit and Credit Limit (in Trillions)

Year & Quarter Credit Card Balance Credit Card Available Credit Credit Card Limit
99:Q1 $0.48 $1.05 $1.53
99:Q2 $0.49 $0.90 $1.38
99:Q3 $0.50 $1.22 $1.71
99:Q4 $0.51 $1.25 $1.75
00:Q1 $0.52 $1.27 $1.79
00:Q2 $0.54 $1.32 $1.86
00:Q3 $0.53 $1.41 $1.94
00:Q4 $0.58 $1.57 $2.15
01:Q1 $0.60 $1.63 $2.23
01:Q2 $0.61 $1.54 $2.15
01:Q3 $0.63 $1.58 $2.21
01:Q4 $0.64 $1.67 $2.31
02:Q1 $0.63 $1.68 $2.31
02:Q2 $0.66 $1.78 $2.44
02:Q3 $0.68 $1.81 $2.49
02:Q4 $0.69 $1.86 $2.55
03:Q1 $0.69 $1.86 $2.55
03:Q2 $0.69 $1.87 $2.56
03:Q3 $0.69 $1.86 $2.55
03:Q4 $0.70 $1.87 $2.57
04:Q1 $0.70 $1.88 $2.57
04:Q2 $0.70 $1.90 $2.60
04:Q3 $0.71 $1.89 $2.60
04:Q4 $0.72 $2.14 $2.86
05:Q1 $0.71 $2.18 $2.89
05:Q2 $0.72 $2.25 $2.97
05:Q3 $0.73 $2.33 $3.06
05:Q4 $0.74 $2.35 $3.09
06:Q1 $0.72 $2.40 $3.12
06:Q2 $0.74 $2.41 $3.15
06:Q3 $0.75 $2.38 $3.13
06:Q4 $0.77 $2.29 $3.06
07:Q1 $0.76 $2.29 $3.05
07:Q2 $0.80 $2.52 $3.32
07:Q3 $0.82 $2.57 $3.39
07:Q4 $0.84 $2.62 $3.46
08:Q1 $0.84 $2.58 $3.42
08:Q2 $0.85 $2.82 $3.67
08:Q3 $0.86 $2.84 $3.70
08:Q4 $0.87 $2.66 $3.53
09:Q1 $0.84 $2.43 $3.27
09:Q2 $0.82 $2.22 $3.04
09:Q3 $0.81 $2.12 $2.93
09:Q4 $0.80 $2.07 $2.87
10:Q1 $0.76 $2.00 $2.76
10:Q2 $0.74 $1.95 $2.70
10:Q3 $0.73 $1.95 $2.68
10:Q4 $0.73 $1.93 $2.66
11:Q1 $0.70 $2.00 $2.69
11:Q2 $0.60 $2.00 $2.77
11:Q3 $0.69 $2.02 $2.72
11:Q4 $0.70 $2.11 $2.82
12:Q1 $0.67 $2.13 $2.81
12:Q2 $0.67 $2.11 $2.79
12:Q3 $0.67 $2.10 $2.78
12:Q4 $0.67 $2.09 $2.77
13:Q1 $0.66 $2.11 $2.77
13:Q2 $0.66 $2.13 $2.80
13:Q3 $0.67 $2.16 $2.83
(Source: FRBNY Consumer Credit Panel/Equifax)
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