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(The Center Square) - The average American household credit card balance as of the third quarter of 2024 was about $10,757 after adjusting for inflation, according to a new study.
Credit card debt by household income. Nearly all households with family incomes of at least $100,000 have a credit card, according to the May 2023 Federal Reserve household survey.
For example: TransUnion says the average credit card balance is $6,380. Assuming a 20.27% credit card rate and only monthly minimum payments, you’ll be in debt for 218 months (more than 18 years ...
The average American had $6,501 in credit card debt in Q3 of 2023, based on The Motley Fool Ascent's analysis of data from sources like Experian, the Federal Reserve, TransUnion, and the U.S ...
The average American household owed $7,951 in credit card debt annually, according to 2022 data from the Federal Reserve Bank of New York and the U.S. Census Bureau.
In 2023, the average credit card balance per household stood at $6,501 (a 10 percent increase from the previous year), while personal loan amounts increased by 6.3 percent to $19,402.
In 2024, credit card debt accounted for 6.36% of all United States household debt, up from 5.8% in 2020. Credit card balances surged during the pandemic and, by the end of 2022, Alaska led the ...
The average credit card APR is about 23%, according to November 2023 Federal Reserve data, which means the average $6,501 balance would accrue about $112 in interest each month.