Average credit card debt in the U.S.

Credit card debt is increasing; according to a Federal Reserve Bank of New York estimate, American card balances hit $986 billion in the final three months of 2022.

After beginning the previous year with noticeably better credit and less credit card debt, that represents somewhat of a reversal. Credit card balances were $770 billion in the first quarter of 2021, a substantially lower amount.

The average credit score grew by 4 points in 2021, according to Experian, despite the pandemic's impact on the economy in 2020. After the Great Recession, credit ratings have been slowly rising, rising by a total of 25 points in the last ten years.

Yet, greater amounts now remain a concern, and analysts expect these sums to increase.

State-by-state average credit card debt. According to the most recent Experian data, these are the states with the greatest and lowest average American credit card debt. The average credit card balance in Iowa was $4,609, while Alaska had the highest balance at $6,787.

Average credit card debt, broken down by age. Of the five generations, Gen Xers had the highest credit card balances, according to an Experian report from Q3 2021. In addition, Gen Z experienced the most growth (+11.6%) and baby boomers experienced the largest decrease (-4.7%) in their balances between 2020 and 2021, respectively.

According to the Federal Reserve's Report on the Economic Well-Being of U.S. Households in 2021, which was released in May 2022, Black and Hispanic Americans are less likely to be authorized for credit than white and Asian Americans, despite having lower credit card debt balances.

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