How much credit card debt does the average American have approximately?

On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review.

How many Americans are in credit card debt?

191 million Americans
Consider these statistics about personal debt in America: More than 191 million Americans have credit cards. The average credit card holder has at least 2.7 cards. The average household credit card debt is $5,315. Total U.S. consumer debt is at $14.9 trillion.

Is 5000 credit card debt a lot?

Lots of people have credit card debt, and the average balance in the U.S. is $6,194. About 52% of Americans owe $2,500 or less on their credit cards. If you’re looking at $5,000 or higher, you should really get motivated to knock out that debt quickly. The sooner you do, the less money you’ll lose to interest.

How much credit card debt is considered a lot?

Most lenders say a DTI of 36% is acceptable, but they want to loan you money so they’re willing to cut some slack. Many financial advisors say a DTI higher than 35% means you are carrying too much debt.

What age should you be debt free?

45
“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 average credit card debt in the United States?

As more Americans get vaccinated and more states open, credit card debt is ticking back up a bit. Americans’ outstanding revolving debt, most of which is credit card debt, reached $980.4 billion 2 for the first quarter of 2021, according to data from the Federal Reserve.

Is the average American carrying a credit card balance?

The upside is that most Americans realize the damage high credit card debt can cause their household budget and how it can take a wrecking ball to a credit score. According to a new study by Value Penguin, 85% of American adults are actively trying to decrease their debt, although 74% are carrying a balance on their credit cards.

Why do so many Americans have so much debt?

Being able to open multiple credit cards easily and have credit at your fingertips means that many Americans can spend more, but it also means that not paying off bills in full each month means that debts start to build up. About 77% of American households have debt of some kind.

How much is the US revolving credit card debt?

Americans’ revolving debt, the bulk of which is credit card balances, fell to $975.9 billion in 2020, down from $1.0942 trillion 1 in 2019, according to the Federal Reserve. Revolving debt clocked in at over $1 trillion for the first time since the Great Recession in September 2017.