Average American Credit Card Debt | Bankruptcyhq
Average debt of an American, Credit card debt is on the rise. Check out the changes in credit card debt over the years.
At-A -Glance
- A credit card bill in the United States can cost anywhere from $5500 to $6,000 depending on what quote you choose.
- The average credit card debt of millennials is less than that of the general populace.
- The total household debt, including credit cards, reached a new high in each quarter of the 20th Quarter. This trend has been ongoing for five years.
The average U.S. credit card debt is. It all depends on whom you ask.
- The U.S. Consumer Financial Protection Bureau published the 2019 Report on the Consumer Credit Market. $5700
- TransUnion reported that the average price paid by was $5,554
- The average 3 cost is $6,000.
Understanding Average U.S. Credit Card Debt
Americans average $5,500 to $6,200 in credit card debt. HTML4_The third quarter 2019 average household credit card debt was $8,701.
These averages don’t reflect all who pay interest. Only those who pay their credit card on time earn no interest.
Average Credit Card Debt By Age
Experian found that the average credit card balance for millennials was $4712, and credit cards debt increases with age.
- Between the ages 23 and 24, the average credit card debt for millennials is $2,288
- When there are 38 seniors, the senior debts amount to $6.675
This is significantly higher than the average for all demographics. Generation X had an average credit card debt of $8.023.
U.S. Credit Card Debt Aggregate Is Rising
This is a 20-billion more than 2018’s first quarter, and almost $40 billion more in 2018 compared to 2018. This means that 2018 had almost $20 billion more credit card debt and 2018 had almost 40 trillion. This is a 20-billion increase in 2018’s first quarter and almost $40 billion more than 2018.
The Fed reports that total household debt increased for 20 consecutive quarters. The second quarter of 2019 saw full household debit card millennials’ rise from $192 billion to $13.86 trillion, including credit cards and home equity loans.
U.S. Average interest rate on credit card debt
Credit cards with debts more outstanding than $1 trillion are not required to have interest-bearing features.
An analysis of 2019 credit card debts revealed that they pay an average of $1,162 per year in interest. 11
The Takeaway
Americans love credit cards. Card Millennials’