- Total U.S. credit card debt reached an all-time high in the first quarter of calendar year 2023, reaching $1.03 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.
Rising credit card debt and auto loan balances helped to drive overall household debt levels up 1%, to $17.06 trillion for the quarter, the report showed. Overall household debt has spiked by $2.9 trillion since the end of 2019, before the pandemic.
Key facts:
- The average American credit card debt balance is $5,910, as of the third quarter of 2022, according to Experian.
- Americans have an average credit utilization rate of 28%.
- Credit card interest rates have reached an average of 20.92%.
- White Americans have the highest average credit card debt of any racial group at $6,940.
- Higher earned income corresponds to larger credit card balances, but consumers in the middle income brackets are the most likely to have credit card debt.
References:
- https://www.fool.com/the-ascent/research/credit-card-debt-statistics/
- https://www.cnn.com/2023/08/08/economy/us-household-credit-card-debt/index.html
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