How many American have credit card debt? (2024)

How many American have credit card debt?

For 1 in 3 Americans, credit card debt outweighs emergency savings, report shows. Roughly a third of Americans say they have higher balances on their credit cards than they do in their rainy-day funds, a new report shows.

What percent of Americans have credit card debt?

Credit card debt today

A November 2023 Bankrate survey of 2,350 U.S adults finds that 49 percent of cardholders carried credit card debt from month to month, up from 39 percent in 2021.

Do 36% of Americans have more credit card debt than savings?

According the financial experts at Bankrate, 36% of U.S. adults have more credit card debt than emergency savings. That's tied with last year as the highest in Bankrate's survey history. But there are some easy ways to tackle the debt and build that nest egg.

How many people have no credit card debt?

A November 2022 LendingTree survey found that just 35% of cardholders say they always pay their credit card balance in full every month, while 65% say they carry a balance at least some of the time.

How many people have $50,000 in credit card debt?

Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year.

What percentage of Americans are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.

How many Americans have debt?

With average consumer debt in America on the rise, it's no surprise that debt delinquency – missed payments of 30 days or more – has increased for nearly all debt types. Even with that $16.9 trillion shared by about 340 million people, consumer debt statistics show that Americans are feeling the pain.

Do most Americans have no credit card debt?

The average American household owes $7,951 in credit card debt a year, according to 2022 data from the Federal Reserve Bank of New York and the U.S. Census Bureau.

What age group has the most credit card debt?

What percentage of adults in the US are in debt?

The total personal debt in the U.S. is at an all-time high of $14.96 trillion. The average American debt (per U.S. adult) is $58,604 and 77% of American households have at least some type of debt. Let's pause a second to define debt.

What percent of Americans are debt free?

What percentage of America is debt-free? According to that same Experian study, less than 25% of American households are debt-free. This figure may be small for a variety of reasons, particularly because of the high number of home mortgages and auto loans many Americans have.

What percentage of Americans have no savings?

Nearly one in four (22%) of U.S. adults have no emergency savings at all, Bankrate found—the second-lowest percentage in 13 years of polling. That's especially bad news given that most Americans would need at least six months of emergency savings to feel comfortable day-to-day.

How many people are defaulting on credit cards?

Philly Fed researchers found that 3.19% of credit card balances were 30 days late (up from 2.76% the quarter before); that 2.21% of balances were 60+ days delinquent (up from 1.91%); and that 1.52% were in serious delinquency of 90 days or more (up from 1.32%).

What is the average debt of a US citizen?

The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.

How much does the average American have in savings?

In terms of savings accounts specifically, you'll likely find different estimates from different sources. The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

How much does the average American have on credit cards?

That represents a 4.6% increase in a single quarter, with cardholders shouldering thirteen-figure debt at $1.03 trillion for the first time. In short, that amounts to an average balance of $5,733 per cardholder.

How many Americans live paycheck to paycheck?

A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.

Which gender holds the most credit card debt?

“While it may feel counterintuitive, the main reason men have more credit card debt than women is that men continue to make more money than women for the same work,” said Lorraine Ell, CEO of the financial advisory firm Better Money Decisions.

Who owns over 70% of the US debt?

Of the $33T of debt, roughly 78% is owned by the public (70% US vs 30% International). The major US public owners include the FED ($6T, but they are no longer buyers), mutual funds, banks, states, pension funds and insurance companies.

Which gender has more debt?

Men have 2% more credit card debt than women. Men have 20% more personal loan debt than women. Men have 16.3% more auto loan debt than women. Men have 9.7% more mortgage debt than women.

Who holds the most U.S. debt?

How much debt is ok?

Debt-to-income ratio is your monthly debt obligations compared to your gross monthly income (before taxes), expressed as a percentage. A good debt-to-income ratio is less than or equal to 36%.

Is $5000 in credit card debt a lot?

$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month. However, you don't have to accept decades of credit card debt. There are a few things you can do to pay your debt off faster - potentially saving thousands of dollars in the process.

Should you pay everything with credit card?

Nowadays, credit cards are accepted almost everywhere, and some people never carry cash at all. In general, NerdWallet recommends paying with a credit card whenever possible: Credit cards are safer to carry than cash and offer stronger fraud protections than debit.

What age is good for 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.