How much credit card debt does the average American have 2020?
Isabella Turner
Updated on January 24, 2026
The average debt for individual consumers dropped from $6,194 in 2019 to $5,315 in 2020. In fact, the average balance declined in every state.
What percentage of America is in debt?
A recent study showed that 80% of Americans are caught up in the chains of debt. That’s a huge number! To get a better idea of just how huge, try this little activity: Next time you walk down the street, count the first 10 people you see. According to statistics, 8 of those 10 are strapped with debt.
What is a good age to be debt free?
“Shark Tank” investor Kevin O’Leary has said the ideal age to be debt-free is 45, especially if you want to retire by age 60. Being debt-free — including paying off your mortgage — by your mid-40s puts you on the early path toward success, O’Leary argued.
What’s the total amount of US consumer debt?
Consumer Debt by the Numbers. Americans’ credit spending was greater than ever in 2018, as debt levels reached record totals. Overall consumer debt reached $13.3 trillion in the last quarter of 2018, while the total amount of unused revolving limits hit $4.1 trillion.
What was the previous record for consumer debt?
It exceeds the previous record of $1.02 trillion set in 2008. But credit card debt is only 26% of total debt. It was 38% of total debt in 2008. The Federal Reserve has reported on consumer debt each month since January 1943. 2 There are three reasons why debt is so high.
What’s the average credit card debt in the US?
The average personal loan debt reached $16,257, which was a 2% increase from the start of the year. [Source: Experian] 75% of consumers who have a credit card have a balance over $6,200.
Which is the fastest growing type of consumer debt?
Personal loan debt totaled $291 billion and was the fastest-growing type of consumer debt in the past year. Student loan debt reached a record high of $1.37 trillion. Auto loan balances hit $1.27 trillion, an all-time high, coupled with a new record for the average monthly auto payment, at $523.
