Struggling with credit card debt?
Get your FREE quote today!

Credit Card Debt Statistics

Total credit card debt hit $1 trillion in Q2 of 2023, an increase of $16 billion from the previous quarter, and a new record high. How does your debt compare to other Americans? If you don’t like where you stand, give us a call at (844) 276-1544 so we can discuss options to help you pay down your debt and improve your financial situation.

The Big Picture

Total U.S. credit card balance: $1.03 trillion

Total number of credit cards in the United States: 530.6 million – 17.4% increase from the previous year

Total number of Americans with a credit card: 167.2 million

Average number of credit cards per person: 2.9

Credit Usage

Average credit card balance per person: $5,972

Average credit card APR: 24.45%

Average credit limit per person: $24,900 – up 6.4%

As of Q2 2023, 32% of Americans plan on applying for new credit or refinancing existing credit in the coming year. The most popular products are credit cards (53%) and personal loans (27%) 

Credit Demand by Generation:

  • Gen Z: 44% plan on applying for credit in the upcoming year
  • Millennials: 49%
  • Gen X: 29%
  • Baby Boomers: 10%

Financial Wellbeing

Inflation is the number one financial concern for 43% of Americans

46% of Americans say their incomes didn’t keep up with inflation

20% report household incomes falling in Q1 2023

38% report their finances being worse than expected at this point in the year

31% of Americans are unable to pay a current bill or loan in full

  • 26% planning on borrowing money from friends/family or use money from savings
  • 16% plan on using their credit cards
  • 14% plan on taking out a personal loan
  • 11% plan on opening new credit card(s)

    Instead of struggling for the next few decades to overcome your debt, there are solutions that can help you get out of debt in as little as 36 months. Take a Free Debt Analysis now to find out where you stand or call (844) 276-1544 to speak with a professional credit counselor who can help you find the right solution to your debt problem today.