In the United States, households with credit card debt are found throughout all socio-economic levels.There is no level of wealth or income that can be viewed as having a normal amount of credit card debt. Furthermore, most families have more than one family member who has high amounts of credit cards and outstanding balances.

The “personal debt percentile” is a statistic that shows the percentage of people who have more credit card debt than their neighbors.

Do you have more credit card debt than your neighbors?

Age, ethnicity, income, and geography all influence the average amount of credit card debt per individual. MoneyGeek examined major credit card debt figures to learn more about the condition of debt in the United States and the variables that contribute to it.

DepositPhotos.com provided the image.

Important Findings

Depositphotos_11205825_m-2015

  • In Q4 2021, the United States had 532 million credit card accounts, up 5% (or 26 million) from Q4 2020.
  • In Q4 2021, credit card debt was $860 billion, down from $893 billion in Q1 2020 — the final quarter before the pandemic — but up $40 billion from Q4 2020.
  • In Q4 2021, the typical cardholder had $5,934 in credit card debt.
  • People aged 75 and above had the highest average credit card debt ($8,100), while those aged 35 and younger had the lowest ($3,700).
  • The greatest average credit card debt was $6,617 per person in Alaska, while the lowest was $4,289 in Iowa.
  • Americans in the 60th to 79th annual income percentiles were the most likely to be in debt (57 percent), while those in the lowest 20th percentile were the least likely (30 percent ).
  • White Americans had the greatest average debt per person ($6,900), while Black and African American cards had the lowest average debt per person ($3,900).

DepositPhotos.com provided the image.

credit-card-debt

According to statistics from the Federal Reserve Bank of New York, although credit card debt declined significantly during the first year of the COVID-19 epidemic, total debt grew by $40 billion from Q4 2020 to Q4 2021.

However, the typical credit cardholder’s debt did not grow much throughout this time. In Q4 2021, the typical credit cardholder in the United States had $5,934 in credit card debt, down 0.6 percent from the $5,968 average in Q4 2020. Americans established 26 million additional credit card accounts within the same time period.

In Q4 2021, debt per capita was over $56,000, up $3,000 from the $53,000 recorded in Q4 2020. In Q1 2020, the final quarter before the COVID-19 pandemic, the overall debt per capita was roughly $52,000.

Moneygeek provided the image.

Debt on credit cards by age

credit-card-age

Credit card debt varies with age. MoneyGeek revealed that older persons had greater credit card debt than younger ones, based on data from the Federal Reserve’s 2019 Survey of Consumer Finances.

According to the data, persons aged 35 and under had the lowest average credit card debt of $3,700. In this age bracket, around 48% of people are in debt.

Adults aged 75 and above have the highest average credit card debt of $8,100, however only 28% of this age group is in debt.

Meanwhile, credit card debt affects 52 percent of Americans aged 45 to 54, making them the age group most likely to have it. This age group’s average credit card debt is $7,700.

Debt consolidation vs. balance transfer credit cards 

Moneygeek provided the image.

Credit Card Debt Averages by State and Region

credit-card-state

Where people reside has an influence on how much credit card debt they have.

According to an Experian report from Q3 2020, Alaskans had the highest average credit card amount of $6,617 per person. Connecticut ($6,040), Virginia ($5,992), New Jersey (NJ) ($5,978), Maryland ($5,977), Texas ($5,848), Georgia ($5,693), The District of Columbia is located in the United States of America. ($5,671), Florida ($5,623), and Hawaii ($5,614) were the states with the next largest debts.

Iowa has the lowest average credit card debt in the country, at $4,289. Wisconsin ($4,376), Kentucky ($4,521), Idaho ($4,582), Mississippi ($4,587), South Dakota is a state in the United States. ($4,633), Indiana ($4,651), Vermont ($4,653), Maine ($4,676), and Oregon ($4,681) were the states with the lowest average credit card indebtedness.

Moneygeek provided the image.

Alabama

waterfall_in_Alabama

Credit Card Debt on Average: $5,047

James Deitsch provided the image.

Alaska

fishing_boats_in_Alaska

Credit Card Debt on Average: $6,617

julof90 contributed this image.

Arizona

arizona_8nquDux

Credit Card Debt on Average: $5,157

Photograph by wanderluster.

Arkansas

arkansas

Credit Card Debt on Average: $4,791

Rdlamkin provided the image.

California

Avalon_Harbor_Santa_Catalina_Island_California

Credit Card Debt on Average: $5,120

mlauffen contributed this image.

Colorado

iStock-1268624137

Credit Card Debt on Average: $5,541

Jacob Boomsma / istockphoto contributed to this image.

Connecticut

Connecticut

Credit Card Debt on Average: $6,040

Photograph by traveler1116.

Delaware

delaware

Credit Card Debt on Average: $5,462

mdgmorris provided the image.

The District of Columbia is located in the United States of America.

Depositphotos_77886538_l-2015

Credit Card Debt on Average: $5,671

DepositPhotos.com provided the image.

Florida

I_Naples_FL

Credit Card Debt on Average: $5,623

Elisa.rolle contributed this image.

Georgia

georgia

Credit Card Debt on Average: $5,693

SeanPavonePhoto provided the image.

Hawaii

hawaii

Credit Card Debt on Average: $5,614

Art Wager contributed to this image.

Idaho

idaho_fTpeVkf

Credit Card Debt on Average: $4,582

knowlesgallery provided the image.

Illinois

illinois

Credit Card Debt on Average: $5,365

Image courtesy of ibsky.

Indiana

indiana_wCv3Jdh

Credit Card Debt on Average: $4,651

f11photo contributed this image.

Iowa

iowa

Credit Card Debt on Average: $4,289

JoeChristensen contributed this image.

Kansas

kansas

Credit Card Debt on Average: $5,063

Michael Pham contributed to this image.

Kentucky

kentucky

Credit Card Debt on Average: $4,521

Thomas Kelley provided the image.

Louisiana

louisiana

Credit Card Debt on Average: $5,127

DenisTangneyJr. contributed this image.

Maine

maine

Credit Card Debt on Average: $4,676

DepositPhotos.com provided the image.

Maryland

maryland

Credit Card Debt on Average: $5,977

James Lane contributed this image.

Massachusetts

Massachusetts

Credit Card Debt on Average: $5,141

Rolf 52 contributed this image.

Michigan

MICHIGAN_Mackinac_bridge

Credit Card Debt on Average: $4,692

haveseen is the source of this image.

Minnesota

minnesota_1b915ws

Credit Card Debt on Average: $4,767

JoeChristensen contributed this image.

Mississippi

Mississippi

Credit Card Debt on Average: $4,587

stevegeer contributed this image.

Missouri

missouri

Credit Card Debt on Average: $4,950

eyecrave contributed this image.

Montana

montana

$4,785 in credit card debt on average

YinYang provided the image.

Nebraska

nebraska_TCTOTWW

Credit Card Debt on Average: $4,819

Marekuliasz contributed this image.

Nevada

nevada

Credit Card Debt on Average: $5,422

AlizadaStudios provided the image.

New Hampshire is a state in the United States.

new_hampshire_BJwqbBH

Credit Card Debt on Average: $5,327

DenisTangneyJr. contributed this image.

New Jersey (NJ)

new_jersey

Credit Card Debt on Average: $5,978

courtesy of aimintang

New Mexico (NM)

new_mexico

Credit Card Debt on Average: $4,948

Davel5957 contributed this image.

New York

hiking_in_the_catskill_mountains_new_york

Credit Card Debt on Average: $5,414

Image courtesy of Boogich.

North Carolina is a state in the United States.

Charlotte_North_Carolina

Credit Card Debt on Average: $5,121

Darwin Brandis is credited with this image.

North Dakota is a state in the United States.

north_dakota

Credit Card Debt on Average: $4,865

sequential5 is the source of this image.

Ohio

ohio

Credit Card Debt on Average: $4,888

dypics provided the image.

Oklahoma

Depositphotos_215191524_m-2015

Credit Card Debt on Average: $5,271

DepositPhotos.com provided the image.

Oregon

Astoria_Oregon_vp2uUhW

Credit Card Debt on Average: $4,681

HaizhanZheng contributed this image.

Pennsylvania

Pennsylvania

Credit Card Debt on Average: $5,080

weaver1234.com is the owner of this image.

RIVER ISLAND

rhode_island_I8L5GLF

Credit Card Debt on Average: $5,256

danlogan provided the image.

South Carolina is a state in the United States.

south_carolina

Credit Card Debt on Average: $5,310

 

SeanPavonePhoto provided the image.

South Dakota is a state in the United States.

south_dakota

Credit Card Debt on Average: $4,633

RiverNorthPhotography provided this image.

Tennessee

tennessee_6ErJQ0F

Credit Card Debt on Average: $5,006

Swarmcatcher provided the image.

Texas

El_Paso_Texas

Credit Card Debt on Average: $5,848

DenisTangneyJr. contributed this image.

Utah

UTAH_Park_City

Credit Card Debt on Average: $4,900

4kodiak provided the image.

Vermont

autumn_in_Vermont

Credit Card Debt on Average: $4,653

DenisTangneyJr. contributed this image.

Virginia

virginia_beach

Credit Card Debt on Average: $5,992

DenisTangneyJr. contributed this image.

Washington

Washington_NP9X7gp

Credit Card Debt on Average: $5,238

4nadia provided the image.

West Virginia is a state in the United States.

Depositphotos_7549387_s-2019

Credit Card Debt on Average: $4,686

DepositPhotos.com provided the image.

Wisconsin

Milwaukee_Wisconsin

Credit Card Debt on Average: $4,376

FierceAbin provided the image.

Wyoming

wyoming_39WbQJr

Credit Card Debt on Average: $5,182

AnujSahaiPhotography provided this image.

Income and Credit Card Debt

debt-by-income

MoneyGeek discovered that credit card debts and balances fluctuate by family income by examining data from the Federal Reserve’s Survey of Consumer Finances.

Credit card debt is often greater in families with higher earnings. For example, families in the 90th to 100th percentiles of income had an average credit card debt of $12,600. That’s more than three times the average debt in the lowest income band. The average credit card debt was $3,800 for those in the lowest yearly income percentile (less than the 20th).

Americans in the 60th to 79th annual income percentiles were the most likely to be in debt, with almost 57 percent of those in this income group having credit card debt.

Find a Qualified Financial Advisor (SPONSORED)

1. Finding a competent financial counselor is not difficult. In only 5 minutes, SmartAsset’s free service connects you with up to three fiduciary financial experts in your neighborhood.

2. SmartAsset has thoroughly vetted each adviser and holds them to a fiduciary standard of acting in your best interests. Get started today if you’re ready to be matched with local experts who can help you reach your financial objectives.

Moneygeek provided the image.

Credit Card Debt by Race & Ethnicity

debt-by-race-ethnicity

According to the Federal Reserve’s Survey of Consumer Finances, Americans who identify as white (non-Hispanics) have an average credit debt of $6,900. The average credit card balance was the highest of any group examined.

Non-Hispanic Black and African American cardholders had the lowest credit card debt, with an average of $3,900 per cardholder.

During the same time period, Hispanic and Latino cardholders had an average credit card debt of $5,500 per person.

Those who identified with a race other than those listed above or as several races had an average credit card debt of $6,300.

At 50%, Hispanics and Latino cards had the greatest proportion of people in debt. Individuals who classified as other or many races had the lowest percentage of debt, at 44 percent.

This item was syndicated by MediaFeed.org and first published on Moneygeek.com.

Moneygeek provided the image.

MediaFeed has more.

joe-biden-closeup

Deposit Photos provided the image.

AlertMe

The “top 1 savings by age” is a website that ranks the top 1% of people with the most credit card debt.

  • how much credit card debt is too much
  • net worth of retirees by percentile
  • top 10 percent retirement savings
  • retirement income by percentile
  • 90th percentile 401k balance by age
You May Also Like

How Does Inflation Affect My Retirement

Retirement is all about taking your money and investing it to get…

Pinecone Research Review 2021: Is This Rewards Site Legit?

In this report, we will be taking a look at the investment…

Currencies Of The World: List With Symbols

There is a long list of currencies of the world. Today we…

13 Best Ways to Get Free $10 When Your Wallet Needs a Boost

With the current bear market, more people are turning to free ways…