Average Credit Card Debt in America
Average Credit Card Debt in America: Global debt is a problem. It’s not news that a lot of Americans are drowning in credit card debt. Economically, things were better before the recession. However, that does not mean there weren’t any debts. It got worse with the recession. This recession plunged millions of Americans into credit card debt.
Experts believe the country’s economy will recover. However, such forecasts are always optimistic and achievable on paper. Many Americans still struggle to pay off their credit card debts.
Certain states have the highest credit card, debtors. According to the New York Federal Reserve consumers’ credit card is nearly 4 trillion dollars.
Continue reading to find out more about credit card debt in America.
Key findings and statistics about American credit card debt
- American Family Credit Card Debt:$6,270
- Total outstanding U.S. consumer debt:$4.2 Trillion
- Total credit card debt $807 billion
- 45.4% of households have some type of credit card debt.
- The average credit card debt of families with the lowest net worth (median of $310) is $4,830.However, only 44% of those who have card debt are insolvent.
- The West has the highest average credit card debt averaging over $7,000.
Top 10 States with Low Credit Card Debt
Average credit card debt by age
Median credit card debt peaks for those who are between 45 and 54 years old, at $3,200.
Average credit card debt by race
White people who identified themselves as (with any Hispanic origin) stated that their families had the average amount of $6,000 credit-card debt — the most expensive of any race group.
They were then followed by “other” which comprises Asians, American Indians, and those who are multi-racial — who had the annual average of debt on credit cards totaling $6,320. Black households had the lowest amount of debt with an average of $3940 that’s 37% less than the national average.
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