Our researchers found the median debt per American family to be $2,700, while the average debt stands at $6,270. The average balance for consumers is $5,315, although some of that debt may be held on joint cards and thus double-counted. Overall, Americans owe $807 billion across almost 506 million card accounts. Below, you'll find some of the most prominent trends that emerged.
American credit card debt statistics and key findings
Average 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 families carry some sort of credit card debt.
Families with the lowest quartile of net worth (median net worth of $310) hold an average of $4,830 in credit card debt, although only 44% have card debt.
The West holds the highest average credit card debt, averaging over $7,000.
Average credit card debt in America
The average credit card debt of U.S. families is $6,270, according to the most recent data from the Federal Reserve’s Survey of Consumer Finances. This information comes from data collected through 2019, representing the most reliable measure of credit card indebtedness in the U.S.
American consumer debt (billions)
| Credit Card Debt | Total Debt | Percentage of credit card debt to total debt |
2003 | $693 | $7,555 | 9.2% |
2004 | $706 | $8,833 | 8.0% |
2005 | $732 | $9,792 | 7.5% |
2006 | $754 | $11,111 | 6.8% |
2007 | $817 | $12,133 | 6.7% |
2008 | $858 | $12,675 | 6.8% |
2009 | $812 | $12,279 | 6.6% |
2010 | $731 | $11,844 | 6.2% |
2011 | $693 | $11,661 | 5.9% |
2012 | $674 | $11,310 | 6.0% |
2013 | $672 | $11,280 | 6.0% |
2014 | $680 | $11,710 | 5.8% |
2015 | $714 | $12,065 | 5.9% |
2016 | $747 | $12,350 | 6.0% |
2017 | $808 | $12,955 | 6.2% |
2018 | $844 | $13,512 | 6.2% |
2019 | $881 | $13,952 | 6.3% |
2020 | $807 | $14,353 | 5.6% |
Source: Federal Reserve Bank of New York
Average credit card debt by state
Average credit card debt varied widely by state. The typical borrower in Alaska carries the most credit card debt — $6,617 on average. This is 10% more than Connecticut, which carries the next highest average credit card debt.
The average borrower in Iowa holds just $4,289 in credit card debt, which is the least of any state. Wisconsin and Kentucky were among other states that had the lowest average credit card debt.
Rank | State | 2020 Average Credit Card Debt |
29 | Alabama | $5,047 |
1 | Alaska | $6,617 |
22 | Arizona | $5,157 |
37 | Arkansas | $4,791 |
26 | California | $5,120 |
11 | Colorado | $5,541 |
2 | Connecticut | $6,040 |
12 | Delaware | $5,462 |
8 | District of Columbia | $5,671 |
9 | Florida | $5,623 |
7 | Georgia | $5,693 |
10 | Hawaii | $5,614 |
48 | Idaho | $4,582 |
15 | Illinois | $5,365 |
45 | Indiana | $4,651 |
51 | Iowa | $4,289 |
28 | Kansas | $5,063 |
49 | Kentucky | $4,521 |
24 | Louisiana | $5,127 |
43 | Maine | $4,676 |
5 | Maryland | $5,977 |
23 | Massachusetts | $5,141 |
40 | Michigan | $4,692 |
39 | Minnesota | $4,767 |
47 | Mississippi | $4,587 |
31 | Missouri | $4,950 |
38 | Montana | $4,785 |
36 | Nebraska | $4,819 |
13 | Nevada | $5,422 |
16 | New Hampshire | $5,327 |
4 | New Jersey | $5,978 |
32 | New Mexico | $4,948 |
Rank | State | 2020 Average Credit Card Debt |
14 | New York | $5,414 |
25 | North Carolina | $5,121 |
35 | North Dakota | $4,865 |
34 | Ohio | $4,888 |
18 | Oklahoma | $5,271 |
42 | Oregon | $4,681 |
27 | Pennsylvania | $5,080 |
19 | Rhode Island | $5,256 |
17 | South Carolina | $5,310 |
46 | South Dakota | $4,633 |
30 | Tennessee | $5,006 |
6 | Texas | $5,848 |
33 | Utah | $4,900 |
44 | Vermont | $4,653 |
3 | Virginia | $5,992 |
20 | Washington | $5,238 |
41 | West Virginia | $4,686 |
50 | Wisconsin | $4,376 |
21 | Wyoming | $5,182 |
Source: Experian
Average credit card debt by age
Median credit card debt peaks for those who are between 45 and 54 years old, at $3,200.
Age | Median credit card debt | Average credit card debt | Percentage who carry debt |
Younger than 35 | $1,000 | $3,660 | 47.6% |
35-44 | $2,700 | $5,990 | 50.5% |
45-54 | $3,200 | $7,670 | 51.7% |
55-64 | $3,000 | $6,880 | 46.6% |
65-74 | $2,850 | $7,030 | 41.1% |
75 or older | $2,700 | $8,080 | 28.0% |
Source: Federal Reserve Survey of Consumer Finances
Average credit card debt by income
The greater the household income, the higher the credit card debt. Individuals in the highest annual income percentile, 90th to 100th, had an average of $12,600 in credit card debt — more than three times as much as households making the least.
Income percentile | Median annual income | Percentage who have credit card debt | Average credit card debt |
Less than 20 | $16,290 | 30.5% | $3,830 |
20-39.9 | $35,630 | 45.6% | $4,650 |
40-59.9 | $59,050 | 55.0% | $4,910 |
60-79.9 | $95,700 | 56.8% | $6,990 |
80-89.9 | $151,700 | 45.9% | $9,780 |
90-100 | $290,160 | 32.2% | $12,600 |
Source: Federal Reserve Survey of Consumer Finances
Average credit card debt by education level
People with college degrees carry higher credit card balances, even though only 43% carry credit card debt, compared with 52% who have some college and 47% who ended their education after high school.
Average credit card debt by race
People who are white (with no Hispanic origin) reported their families carried an average of $6,940 in credit debt — the highest amount of any racial group.
They were followed by "other" — which includes Asians and American Indians — with an average credit card debt of $6,320. Black households carried the least debt with an average of $3,940, which is 37% lower than the nationwide average.
How the COVID-19 crisis changed credit card debt in America
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.
Following years of growth, both outstanding credit card debt and credit limits from issuers dropped in 2020 amid the coronavirus crisis. The balance decreases have generally been attributed to drop-offs in spending during quarantine periods and the ability to pay down balances with economic impact payments and supplemental unemployment money.
Banks decreased card limits for 34% of consumers at the start of the crisis, according to CompareCards, as a way to mitigate potential losses in uncertain economic times.
Sources
New Beginnings Credit Solutions is a Wisconsin-based company and is one of the highest-rated credit restoration companies in the state. They have years of experience helping consumers understand and work to improve their credit. You can call 715-204-9355 to schedule a free credit consultation with them.