Average credit card debt
How much credit card debt does the average American have? The average balance is $6,380 as of the third quarter of 2024, according to TransUnion.
That's a 5% increase from 2023, although credit card debt is growing more slowly than in previous years.Total credit card debt
Total U.S. credit card debt reached an all-time high in the third quarter of 2024, reaching $1.166 trillion. While credit card debt fluctuated during the pandemic, it began to steadily rise in 2021 as inflation took off.
Over the last decade, credit card debt has typically accounted for between 5.5% to 6.5% of household debt.Credit card delinquency rates
Data from the Federal Reserve shows credit card delinquencies stabilizing.
The 30-days past due delinquency transition rate for credit cards came down to 8.8% in the third quarter of 2024 from 9.1% the previous quarter. The serious delinquency rate, in which balances are 90-days or more past due, was 7.1%, down from 7.2% in the second quarter.
Overall, 11.1% of credit card balances are 90-days or more delinquent, up from 10.9% in the second quarter of 2024. That percentage of outstanding credit card balances that is seriously delinquent has been on the rise since the second quarter of 2022.Credit card utilization inched up closer to 30% -- combined with rising delinquency rates, this could be a worrisome sign about just how much consumers are relying on credit
