The average credit card holder in the U.S. had $5,668 in credit card debt in Q2 2021 — that's 1% higher than Q1 2021's $5,611 average. From the first Q1 2020 to Q2 2021, the average credit card debt per cardholder decreased by $766 or 12%. The average cardholder had $6,434 in Q1 2020.
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.
70% of the United States population carries a credit card, with 34% of Americans carrying 3 or more cards. Most Americans carry multiple credit cards, most likely because it will raise credit limits as the funds are dispatched among multiple different outlets.
While the average American has $90,460 in debt, this includes all types of consumer debt products, from credit cards to personal loans, mortgages and student debt.
3. The USA has the highest average national credit card debt. Shift Processing compared the median credit card debt in the United States in 2020 to the one in nine other countries worldwide. The USA is in the lead, according to global credit card debt statistics, with average 2020 debt of $5,331.
That means most American adults either carry a mortgage, owe on a car, face monthly student loan payments, roll over charges on their credit cards—or all of the above. And yet, over half of Americans surveyed (53%) say that debt reduction is a top priority—while nearly a quarter (23%) say they have no debt.
It found that about 54% of Americans live paycheck to paycheck. And nearly 40% of high earners — those making more than $100,000 annually — said they live that way.
Gen X — Average debt: $140,643
With ages ranging from 41 to 56, Gen Xers have a wide range of life experiences, along with the highest average debt of any generation. Many members of Gen X are sending their kids to college for the first time, while still carrying an average student loan balance of just over $45,000.
The average American has $90,460 in debt, according to a 2021 CNBC report. That included all types of consumer debt products, from credit cards to personal loans, mortgages and student debt.
But ideally you should never spend more than 10% of your take-home pay towards credit card debt. ... So, take a look at your budget and bank statements and calculate how much money you're spending monthly to pay down debt. If that amount is greater than 10%, you might have a problem.
If you have credit card debt, you're not alone. On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review. And Alaskans have the highest credit card balance, on average $8,026.
The average American's savings varies by household and demographic. As of 2019, per the U.S. Federal Reserve, the median transaction account balance (checking and savings combined) for the American family was $5,300; the mean (or average) transaction account balance was $41,600.
Americans carried a balance on 51% of all active credit card accounts in the second quarter of 2021, according to the most recent available data from the American Bankers Association. Job No. 1 for anyone with a credit card is to pay that balance off in full at the end of each month.
Many adults approaching retirement age may not be financially prepared to retire: 49% of adults ages 55 to 66 had no personal retirement savings in 2017, according to the U.S. Census Bureau's Survey of Income and Program Participation (SIPP).
About 30.7% of households earned over $100,000 in 2020. In 2019, around 15.5% of Americans earned between $100,000 and $149,999; about 8.3% of the population earned between $150,000 and $199,999; and about 10.3% of the population earned over $200,000.
A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.
When a lender or landlord reviews your credit, it might use one of two credit scoring models: VantageScore or FICO. Both scoring models range from 300 to 850. And according to a July 2021 VantageScore report, the average credit score in America is 697.
Federal Student Loan Debt by Age
Federal debt among 24-and-under borrowers has declined 3.6% since 2017. Federal borrowers aged 25 to 34 owe an average debt of $33,570. Debt among 25- to 34-year-olds has increased 6.1% since 2017. 35- to 49-year-olds owe an average federal debt of $43,208.
Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%.
1. Hong Kong —0.1%. Hong Kong's market-driven economy is characterised by a lucrative financial banking sector, well-regulated financial controls, large foreign exchange reserves, and virtually no public debt.
Former financial arbitrage trader Jerome Kerviel is the most indebted man on the planet, owing his former employer $6.3 billion. The amount Kerviel owes to French bank Societe Generale for fraudulent trades made in 2007 and 2008 would make Kerviel one of the 50 richest people in America if those debts were assets.