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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. The personal ...
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 ...
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.
A recent The Motley Fool Ascent research study examined the average American household's debt. ... the average credit card balance in the third quarter of 2023 was $6,501, up from $5,910 in 2022 ...
At the same time, the average credit card APR in 2023 was a whopping 22.8%. That's the highest these rates have been since the Federal Reserve started collecting this data back in 1994.
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 ...
Key credit card debt statistics. Average credit card balance in 2023: $6,501. Average credit utilization rate in 2023: 30% Average number of credit cards in 2021: 3.84
U.S. consumer debt snapshot. Average loan balances grew for most types of consumer debt in 2023. Credit cards—the debt products with the highest average interest rates for consumers—grew the most.