How much is the average credit card debt in America?

As a result, the average amount of credit card debt consumers owed in 2020 was $5,315. Although this figure is still high, average credit card debt was down in 2020 compared with the previous year. In 2019, the average credit card debt was $6,194.

What is the average credit card debt 2020?

$5,315
Some more credit card debt statistics, according to Experian: The average credit card balance was $5,315 in 2020, down from $6,194 in 2019.

What percentage of Americans are in debt 2021?

According to financial experts, the percentage of Americans in debt is around 80%. 8 in 10 Americans have some form of consumer debt, and the average debt in America is $38,000 not including mortgage debt.

What is an acceptable amount of credit card debt?

But ideally you should never spend more than 10% of your take-home pay towards credit card debt. So, for example, if you take home $2,500 a month, you should never pay more than $250 a month towards your credit card bills.

Is it OK to have a little credit card debt?

The simple answer is that having minimal credit card debt is the best policy. The more complex answer: “it depends.” How much credit card debt is okay for one person may not be okay for the next – it all depends on your financial situation, your spending habits and your overall credit limits.

How much is the US credit card debt?

The credit card debt in the United States amounted to approximately 0.87 trillion U.S. dollars in the second quarter of 2019. Credit card debt – additional information. U.S. credit card debt has not changed dramatically since 2014.

How many credit cards does the average American have?

83% of U.S. adults own at least one piece of plastic. On average, U.S. consumers own three credit cards. Total revolving debt stands at $1.04 trillion – that’s up from $857 billion in 2013.

Which is the state with the highest credit card debt?

Alaska is the state with the highest average credit card debt, trending 36 percent over the national average. By the end of 2018, the typical American had racked up an average debt of $6,040 on their credit cards and the average credit card debt in America had increased 9.5 percent since 2014.

What’s the percentage of families with credit card debt?

While the average plastic debt for families has dropped, the percentage of families with debt have actually increased. 43.9% of families in 2016 have credit card debt (as opposed to 38.1% in 2013). This suggests that more people are having trouble paying off their balance, but are keeping their debt levels lower.