Average Credit Card Debt in America 2019 - Elite Personal Finance
Credit Cards

Average Credit Card Debt in America 2019

EPF Last Update: December 6, 2018

The average credit card debt is an estimate of consumer debt that every citizen is supposed to settle on a monthly basis. According to the recent report released by the board of the governors of the Federal Reserve System, consumer credit increased at an annual rate of between 5% and ¼% during the third quarter, revolving credit raised at a rate of around 2%, while the non-revolving credit rose at a rate between 6% and ½%. In September 2018 a report got released that the consumer credit also hiked at an annual rate of 3% to ¼%. However, following the data released by the same poll on Sept 2018, the total amount of the revolving debt which may be carried on to 2019 is 1.03 trillion dollars, translating to an average of $8,431 per US household (dividing total credit card debt by 123 m households.)

Average credit card debt

The total outstanding consumer debt in America is 3.9 T with 1.03 T revolving debt. In addition to that, the average household debt is around $5700 which hits on $9,333 after incorporating the consumers who settle the debts on a monthly basis. Besides that, the households with the lowest net worth hold the highest credit card debt. The liabilities on the rest of the homes depend on the net worth where; the more the net worth, the larger the debts.

Net worth range in dollars Credit card debts
Negative to zero10,308
1-4,9993,942
5,000-9,9994,912
10,000-24,9996,219
25,000-49,9996,822
50,000-99,9996,777
100,000-249,9997,325
250,000-499,9997,481
500,000 and above8,140

 

Average Credit Card Debt by State

After the same poll the overall debt into states,households in Alaska had the highest average credit card debt while those in Ohio held the least debts.

StateAverage Credit Card Debt in dollars ($)
Alaska 13,048
Wyoming11,546
Utah11,222
California10,496
Montana9,759
New Jersey9,454
Colorado9,108
New York8,764
Oregano8,619
Idaho8570
North Dakota8450
Florida8444
Hawaii8315
Washington DC8291
Washington8108
Oklahoma8059
New Mexico7959
Maryland7913
Nevada7871
Virginia7867
Texas7692
South Dakota7362
Connecticut7304
Illinois7278
Louisiana7260
North Carolina7225
Kentucky7190
Delaware7158
Alabama7105
Arizona7100
Georgia7090
West Virginia7090
Kansas7040
Indiana6958
New Hampshire6838
Minnesota6761
Arkansas6747
Iowa6696
Mississippi6673
Vermont6545
Missouri6491
Wisconsin6484
Massachusetts6277
Tennessee6217
Nebraska6180
Rhode Island6104
Michigan6082
Pennsylvania6065
Maine5803
South Carolina5801
Ohio5446

 

Average credit card debt by age

It’s evident that individuals within the age bracket of 45-54 years carry the 18% of the credit card debt (the highest.) According to the studies done by the Baby boomers, the bracket controls the American’s income. On the contrary, the youths (below 35 years) and the senior citizens register the lowest average credit card debt of around 11% each. There are chances that some of the individuals within the mentioned age brackets do not own a credit card where others largely depend on their relatives.

Age bracket in yearsAverage credit card debt in dollars
Below 35 years5,808
33-448235
45-549096
55-648158
65-696876
70-746465
75 and above5638

 

Average credit card debt by income

According to the 2016 data from the survey of consumer finances, only a few citizens earn around $260,200 with an average credit card debt of $12,500 contrary to the low-income earners ($15,100) who have a credit card debt of $2,100. However, the low-income earners are likely to pay the debt faster than the high-income earners.

Percentage incomeIncome in dollars($)Average credit card debt in dollars ($)
0-2015,1002,100
20-4031,4003,800
40-6052,7004,400
60-8086,1006,800
80-90136,0008,700
90-100260,20012,500

 

Credit card debt by Gender

Another survey was recently done by the ElitePersonalFinance, where men found to have $2,162 more credit card debt than women. Similar research was also carried regarding the consumer habits where 19% of the men surveyed revealed to spend above $2,000 per month while only 8% of the women confessed to hitting the point using their credit card.

GenderCredit card debt in dollars($)
men7,407
women5,245

 

Credit card debt by race

According to the survey carried out by the U.S. Census Bureau’s regarding the credit card debt, the whites held the most substantial credit card debt while the blacks held the least amount of the same. The study also found that more income doesn’t translate to smaller credit card debt since the low-income earners settled their debts faster than the high-income earners. Below is a table showing the relationship between different races residing in the USA and their credit card debts.

 

RaceAssociated credit card debt in dollars ($)
White7,942
Asian7,660
others7,026
Hispanic6,469
Blacks6,172

 

The total outstanding debt

According to the 2012 LendingTree survey, the consumer debt has been ballooning indicating chances of carrying over the debt of 4 trillion to the Year 2019. This is because; consumers usually spend around 10% of their monthly income on settling non-mortgage debts such as personal loans. The Federal Reserve releases the total outstanding debt also known as revolving and non-revolving debts regularly to keep the consumers updated after making their monthly payments. Revolving credits constitutes of credit card usages where users settle on a monthly basis and afterward issued with a new line of credit. Below is a table demonstrating the revolving debt fluctuations from 2011 to 2016.

YearThe Outstanding revolving debts in billion dollars
2011841.5
2012845.7
2013857.7
2014891.5
2015937.9
2016992.4

 

The information released on April 2018 indicates that the outstanding revolving debt in the USA is around $1.031 B where $823.7 B originated from depository institutions, $57.1 owed to finance companies and $53.3 B from credit unions. The Lending tree has also identified a trend for the past two years where auto loans and credit cards debt is rising with above 7%, housing debt above 2%, and the consumer credit by 5% to 6%.

History of credit card debt in America

According to the June 2018 analysis made by the Nerd wallet, the US credit card debts have climbed by 5% from the previous year hitting on the $927 B point. However, the average household carries a credit card debt of $15,482. Initially, the poll had done another study in 2017 where they found out that majority of Americans had incorporated their medical expenses into the credit cards which significantly affected the household debt.

Contrary to the increasing credit card debts the average percentages of the cardholders are decreasing meaning that, the climbing debt doesn’t depend on the number of users but from overspending. In the year 2000, 50% of the American householders were active card users. In the year 2001, the card users dropped to 38%. Within the period, the credit card debt had climbed from $5,048 to $7,697 meaning that an average American credit card debt may have hiked by 52% comparing with 10 years ago.

Finally, citizens with huge credit card debts associate the situation with overspending which means that it’s possible for every consumer to minimize their spending to reduce the credit card debt.

 

Elite Personal Finance

Recommended Articles

Debt

Average Insurance Cost : Car, Home, Renters, Health 2019

EPF December 10, 2018

Property insurance can offer both financial protection and peace of mind in case of damages. We researched hundreds of insurance companies in the USA that covers health, home,  renters, pet and car insurances and sampled the below data based on...

Debt

Average Student Loan Debt in America 2019

EPF December 7, 2018

A student loan is another debt that has overburdened the economic status of America.  This is because the debt has ballooned with over 300% since 2004, as the new students enrol and the older ones graduate from universities and colleges....

Privacy & Security

Privacy and Security

Elite Personal Finance takes your privacy very seriously.

We always use a secure and up-to-date SSL certificate to provide a private connection to our site.

Learn more

We have a very transparent privacy policy.

Learn more

We help you to be safe online by writing guides on safety, security and identity theft.

Learn more

In addition, we collect only minimum and necessary personal details on our site. In brief, visiting our site is ultimately safe and secure. However, we have to say that no one can be 100% secure online.

AS SEEN ON