What’s the average amount of credit card debt Americans carry?
- Credit card debt has been rising since Q1 2021
- Amount of average debt rose $75 from 2023 to 2024
- Men and women have a similar amount of debt
Visa, Mastercard and American Express logos are seen on credit and debit cards.
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(NewsNation) — The average amount of credit card debt Americans are carrying is continuing to rise.
The average credit card debt has reached $8,674 so far in 2024, according to Federal Reserve Bank of New York and U.S. Census Bureau data analyzed by USA Today. The statistics, collected from 2024 and 2023 data sets, are a significant increase from prepandemic numbers.
At the close of 2019, the average household had a credit card debt of $7,499. During the first quarter of 2021, it dropped to $6,209.
In 2022, credit card debt rose again to $7,951 and has increased linearly. In 2023, it reached $8,599 — $75 shy of the 2024 average.
Among age demographics, Generation X has the highest average debt with $9,255, according to data from credit reporting agency Experian that was analyzed by USA Today.
Baby Boomers ($6,648), millennials ($6,642), the Silent Generation ($3,375), and Generation Z ($3,266) followed.
Men and women had similar average levels of credit card debt, with men having an average of $125 more, $6,357 to $6,232.
States with the highest average credit card debt were Alaska ($7,863), the District of Columbia ($7,548), New Jersey ($7,401), Connecticut ($7,381) and Maryland ($7,282), according to data in a 2023 Experian report.
Iowa had the lowest ($5,227), followed by Wisconsin ($5,242), Kentucky ($5,304), West Virginia ($5,348) and Mississippi ($5,415).
