What is the average American credit card debt 2022?

Asked by: Lucas Dietrich  |  Last update: September 13, 2022
Score: 4.2/5 (72 votes)

Average American Credit Card Debt in 2022: $5,221.

How much credit card debt is the average American in?

On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review.

How much credit card debt does the average American have 2020?

The average debt for individual consumers dropped from $6,194 in 2019 to $5,315 in 2020. In fact, the average balance declined in every state.

What's considered a lot of credit card debt?

If your total balance is more than 30% of the total credit limit, you may be in too much debt. Some experts consider it best to keep credit utilization between 1% and 10%, while anything between 11% and 30% is typically considered good.

How much debt is normal?

How much money does the average American owe? According to a 2020 Experian study, the average American carries $92,727 in consumer debt.

Credit Card Debt Spikes As Inflation Rises

40 related questions found

Are most people in debt?

Even though household net worth is on the rise in America (at $141 trillion in the summer of 2021)—so is debt. 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.

What percentage of US population has credit card debt?

15% of Americans Have Been in Credit Card Debt for 15 Years

A separate survey conducted by Inside 1031 found that 55% of people carry a credit card balance from month to month. In addition, 40% haven't been credit card debt-free since before 2018 — and 15% have had credit card debt since before 2006.

How much debt is too much debt?

Generally speaking, a good debt-to-income ratio is anything less than or equal to 36%. Meanwhile, any ratio above 43% is considered too high.

What age do people get out of debt?

The average person should be debt free by the age of 58, unless you choose to extend your payments. Otherwise, you could potentially be making payments for another two decades before you become debt free. Now, if you were to use a more disciplined budget and well-planned payments, you could be done by age 39.

What percentage of America is debt free?

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. And that percentage may rise.

What is considered a lot of money?

Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million.

What is the average credit card limit?

In 2020, the average credit card credit limit was $30,365, according to Experian data. This was a 3% decrease from the previous year's average. However, average credit card limits also vary by age range, and people who are new to credit or rebuilding their credit may have lower credit limits.

Are people living off credit cards?

The Inside 1031 survey found that 49% of Americans depend on credit cards to cover essential living expenses. This is more common among younger generations: 61% of Gen Zers and 53% of millennials use credit cards for living expenses.

What age group has the highest average credit card debt?

Adults 75 or older have the highest average credit card debt at $8,100, but just 28% of people in this age group have debt. Meanwhile, 52% of Americans 45–54 years old have credit card debt, making them the age group most likely to carry it.

What percent of US homes have no mortgage?

A: 37% of U.S. households no longer have a home mortgage to pay, according to a Zillow data analysis.

Who is the most in debt person?

Former Société Générale rogue trader Jérôme Kerviel owes the bank $6.3 billion.

What is the biggest debt in America?

Consumers in the United States had 15.24 trillion dollars in debt as of the third quarter of 2021, the majority of which was home mortgages, at 10.44 trillion U.S. dollars. Student loan debt was the second largest component, totaling 1.58 trillion U.S. dollars. Why is consumer debt important?

What is the average credit card bill per month?

The average monthly credit card bill is a minimum payment of $110.50, based on the average American credit card balance of $5,525 and the average minimum payment percentage of 2%.

What is a good total credit limit?

A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt. What qualifies as a good credit limit differs from person to person, though.

What credit limit can I get with a 750 credit score?

The credit limit you can get with a 750 credit score is likely in the $1,000-$15,000 range, but a higher limit is possible. The reason for the big range is that credit limits aren't solely determined by your credit score.

How many credit cards are too many?

How many credit accounts is too many or too few? Credit scoring formulas don't punish you for having too many credit accounts, but you can have too few. Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time.

What is upper class salary?

A family earning between $32,048 and $53,413 was considered lower-middle class. For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper-middle class, Rose says. Those who earn more than $373,894 are rich.

What salary is considered rich in USA?

In the U.S. overall, it takes a net worth of $2.2 million to be considered “wealthy” by other Americans — up from $1.9 million last year, according to financial services company Charles Schwab's annual Modern Wealth Survey.

How much money does the average American retire with?

Here's how much Americans have saved for retirement at every age. On average, Americans have around $141,542 saved up for retirement, according to the "How America Saves 2022" report compiled by Vanguard, an investment firm that represents more than 30 million investors.