US Credit Card Debt Statistics & Data – Updated 2020

Since the Diner’s Club card first became available in 1950, Americans have been enamored by the concept of the credit card. Additional creditors like American Express followed suit soon after, kickstarting American’s love affair with credit. While credit cards are convenient, and provide consumers with additional purchasing power, it’s easy for things to go south financially when you rely on credit cards. 

In the present day, America has a growing consumer debt issue that has been accelerated by our reliance on credit cards. Today, we’re going to take a closer look at some eye-opening credit card debt statistics so you can better understand the state of consumer debt and the role credit cards play in our financial lives. 

Credit Card Debt Statistics 

Over 189 million Americans have at least one credit card. [1]

The average American has four different credit cards. [1]

The average household carries $8,398 in credit card debt. [1]

As of Q3 2019, credit card debt represents 26.2% of our total debt. Most consumer debt is tied up in student loans and auto loans. [1]

Credit card debt reached a record high of $1.08 trillion in Q3 2019. The prior high water mark of $1.02 trillion was set in July 2008. [1]

During the financial crisis of 2008, credit card debt represented 38% of our total debt. [1]

55% of Americans are currently in credit card debt. [2]

As of Q4 2019, 137 million credit inquiries were made. Credit inquiries are an indicator of consumer credit demand. [3]

Credit card debt is highest among Americans age 70 or older. [3]

4.7% of consumer debt is in some stage of delinquency as of December 31st, 2019. [3]

In 2019, American’s closed 207 million credit card accounts, which is consistent with the two-year trend of account closures. [3]

As of February 2020, revolving consumer debt increased at a rate of 4.5% annually. [4]

Consumer credit card debt reached $810 billion in Q1 2018, a ten year high in America. [5]

The average FICO score in America is 703 in 2019, which is up 14 points from 2010. This figure indicates that more Americans are concerned with their credit score. [6]

59% of Americans have a FICO score higher than 700, which is considered the benchmark number for creditworthiness. [6]

Millennials credit scores have increased by 25 points since 2012, the largest jump of any generation of Americans. [6]

Minnesota has an average FICO score of 733, the highest of any state in America. [6]

The average credit card debt of Americans grew by 2.5% from 2018 to 2019. [6]

Mississippi has the lowest average FICO score at 677. [6]

In 2019, the average credit card debt of each individual American was $6,194. [6]

18% of Americans have a subprime (below 670) credit score. [6]

American credit card debt grew by $57 billion in 2019. [7]

61% of Americans have at least one credit card on their current credit report. [8]

Sources

[1] https://www.debt.org/faqs/americans-in-debt/

[2] https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html

[3] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2019

[4] https://www.federalreserve.gov/releases/g19/current/default.htm

[5] https://www.newyorkfed.org/microeconomics/hhdc.html

[6] https://www.experian.com/blogs/ask-experian/consumer-credit-review/

[7] https://libertystreeteconomics.newyorkfed.org/2020/02/charging-into-adulthood-credit-cards

[8] https://libertystreeteconomics.newyorkfed.org/2019/05/just-released-shifts-in-credit-market