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

EPF Last Update: December 18, 2018

Elite Personal Finance conducted a study on the average credit card debt in America in 2019. We have analyzed the data from the U.S. Census Bureau, the Federal Reserve and other official sources in depth, which resulted in a detailed and advanced statistics on the average credit card debt in America 2019.

Elite Personal Finance has the latest statistics on credit card debt in the U.S. — how much debt American consumers and households are carrying.

Note! Our Study on credit card debt in US 2019 is the latest data from all official source of 2018 or their latest updates. No all sites update regularly their information

Here are our findings:

Average Credit Card Debt in America 2019 Statistics & Key Findings

Through the research, we discovered that the Median Debt per American household in 2019 is $2,300, while the average debt stands at $5,700.

Average for balance-carrying households: $9,333.

Total Outstanding U.S. Consumer Debt in 2019 is $3.9 trillion. Total revolving debt is $1.03 trillion. There is a big chance that the total outstanding debt will hit 4 billion very soon!

Total interest and fees that Americans paid to banks is $104 billion in 2018 and the trend shows that this number increases. Total credit card debt in the US, which is not paid in full each month is $687 billion. The average credit card balance for individuals with credit cards is $6,348.

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 $5,700 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 zero 10,307
1-4,999 3,946
5,000-9,999 4,912
10,000-24,999 6,219
25,000-49,999 6,822
50,000-99,999 6,776
100,000-249,999 7,324
250,000-499,999 7,481
500,000 and above 8,139

 

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.

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State Average Credit Card Debt in dollars ($)
1. Alaska 13,048
2. Wyoming 11,546
3. Utah 11,222
4. California 10,496
5. Montana 9,759
6. New Jersey 9,454
7. Colorado 9,108
8. New York 8,764
9. Oregon 8,619
10. Idaho 8570
11. North Dakota 8450
12. Florida 8444
13. Hawaii 8315
14. District of Columbia 8291
15. Washington 8108
16. Oklahoma 8059
17. New Mexico 7952
18. Maryland 7913
19. Nevada 7871
20. Virginia 7867
21. Texas 7692
22. South Dakota 7362
23. Connecticut 7304
24. Illinois 7278
25. Louisiana 7260
26. North Carolina 7225
27. Kentucky 7190
28. Delaware 7158
29. Alabama 7105
30. Arizona 7100
31. Georgia 7090
32. West Virginia 7090
33. Kansas 7040
34. Indiana 6958
35. New Hampshire 6838
36. Minnesota 6761
37. Arkansas 6747
38. Iowa 6696
39. Mississippi 6673
40. Vermont 6545
41. Missouri 6491
42. Wisconsin 6484
43. Massachusetts 6277
44. Tennessee 6217
45. Nebraska 6180
46. Rhode Island 6104
47. Michigan 6082
48. Pennsylvania 6065
49. Maine 5803
50. South Carolina 5801
51. Ohio 5446

 

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 our studies, the Baby boomers 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 years Average credit card debt in dollars
Below 35 years 5,808
33-44 8,235
45-54 9,096
55-64 8,158
65-69 6,876
70-74 6,465
75 and above 5,638

 

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 income Income in dollars($) Average credit card debt in dollars ($)
0%-20% $15,100 2,100
20%-40% $31,400 3,800
40%-60% $52,700 4,400
60%-80% $86,100 6,800
80%-90% $136,000 8,700
90%-100% $260,200 12,500

 

Credit Card Debt by Gender

Another survey was recently released, 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.

Gender Credit card debt in dollars($)
Men 7,407
Women 5,245

 

Credit Card Card Debt by Race

According to the survey carried out by Census 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.

 

Race Average Credit Card Debt By Race
White $7,942
Asian $7,660
Others $7,026
Hispanic $6,469
Black $6,172

 

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.

Period Outstanding Revolving Debt (Billions) Estimated Total Outstanding Credit Card Debt (Billions) Average Credit Card Debt (Indebted Households)
April 2018 1,031 $825 $9,333
2017 1,029 $822 $10,821
2016 $999 $799 $11,184
2015 $939 $751 $10,762
2014 $890 $712 $10,450
2013 $852 $682 $9,884

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 LendingTree 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%.

More Interesting Facts and Predictions

Americans pay $104 billion in credit card interest and fees. This number increases every year with about 10%. In the next year, the study will likely see this number shoot to over $110 billion.

Non-card related revolving balances such as overdraft lines of credit are $73 billion and it’s growing with time.

The average APR of credit card is 15.5%. High APR makes a credit card with less or 0 annual fees or more rewards.

44% of credit card aren’t paid in full each month.

The number of Americans who actively use credit cards is 175 million. Every individual has an average of 3 credit cards.

The numbers of delinquencies and charge-offs are relatively stable. Fortunately, there is no trend that these numbers increases. In fact, it is much less than a few years ago and not it is 3%, which is much better before over 7%. It seems American credit card holders become smart in using credit cards and being careful on their credit report.

Here’s the most recent great news! For the first time, the average credit score has hit 700. In fact, it is 704 according to our latest study on average credit score 2019.

 

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

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