Useful Credit Card Debt Statistics

See where you stand compared to other consumers.

Credit Card Debt Statistics

Credit cards can help us – especially in a financial emergency. But while they can be a saving grace in a time of financial need, or the perfect tool to help you live the life you want, they can also ruin your financial health when they’re abused.

Take a look at America’s credit card spending. Most Americans have a love/hate relationship with their credit cards – so if you curse and covet credit at the same time, you’re not alone. These stats can help you see where you stand so you can make the right choices when it comes to credit.

You may notice some of the stats below seem to disagree. Sometimes it just depends on the source you’re looking at and there’s often different ways to read the data. For instance, average credit card debt may be calculated using the entire population in the U.S. or it may be calculated based on only those people who actually have a credit card. Since those two numbers are very different, you can have different stats for average debt.

Statistics for household debtCredit card debt statistics for American households

  • Total amount American consumers owe in credit card debt (2014) — $854.2 billion [1]
  • Average amount U.S. households owe in credit card debt (2014) — $15,191 [1]
  • Average U.S. household credit card debt for indebted households in 2013 — $15,224 [2]

Personal credit card debt statisticsCredit card debt statistics per borrower

  • Average credit card debt per borrower in the first quarter of 2014 — $5,164 [2]
  • Average credit card debt per borrower in 2013 — $5,325 [3]
  • Average credit card debt per borrower in 2012 — $5,376 [3]

 

Annual percentage rate statisticsCredit card interest rate statistics

  • Average national APR (annual percentage rate) on credit cards as of May 2014 — 15.01% [4]
  • Lowest credit card interest rate available as of May 2014 — 10.37% [4]
  • Average penalty interest rate for credit card holders who missed a payment — 26.87% [6]

Statistics about unsecured debtOther statistics related to unsecured debt

  • Nearly half of low- and middle-income households carried debt from out-of-pocket medical expenses on their credit cards in 2012. [4]
  • The average amount they charged for medical expenses — $1,678 [4]
  • Average payday loan amount — $392 [7]
  • Average payday finance charges $10-$20 / $100 borrowed [7]
  • Average payday loan APR — 322% [7]

Student credit card debt statisticsCredit Card Debt for College Students

  • Ten years ago, one in five students had more than $10,000 in credit card debt [5]
  • Now, fifty percent (50%) of college students have four or more credit cards [5]
  • 30% of students had “maxed out” their credit cards [5]
  • In 2004 — the average college student had only $946 in credit card debt [5]
  • In 2007 — the average college senior had a $3,000 credit card debt [5]
  • By 2008 — the average increased to $3,173 [5]
  • By 2009 — the average soared to over $4,100 [5]

Buried by credit card debt?

Are you buried in credit card debt? Debt.com can help negotiate with your creditors to lower your monthly payments so you can regain control. Call us today at 1-888-503-5563 to get started or fill out the form to the right and we’ll be in touch soon.

Sources:
[1] https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/
[2] https://www.marketwired.com/press-release/-1910348.htm
[3] https://newsroom.transunion.com/Social-Media-Releases
[4] https://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php
[5] International Journal of Business and Social Science
[6] http://www.nytimes.com/2009/05/17/magazine/17credit-t.html?pagewanted=all
[7] http://consumerist.com/2013/04/26/the-average-payday-loan-borrower-spends-more-than-half-the-year-in-debt-to-lender/