Updated on
Reviewed by Steve Rogers
More than 165 million consumers in the US alone have a credit card account. The total credit card debt reached nearly $1 trillion in early 2023, an all-time high. The average credit card interest rate also reached an all-time high of 20.09%[1].
We’ve compiled the latest stats on credit card debt from government and consumer credit reporting agencies to help you better understand the current state of the credit lending industry and its customers.
Key Findings
- Americans owe a total of $975.59 billion in credit card debt.
- The total number of active credit cards reached 532.2 million in Q1 2023.
- The average American has $5,733 in credit card debt.
- Iowans have the lowest average credit card balance of $4,808 while Alaskans have the highest – $7,338.
- 82.1 million new credit cards were issued in 2022 – an-all time high.
- The credit card delinquency rate (90+ days) reached 2.26% in Q1 2023.
US Credit Card Debt by Year
Credit card debt in the US reached $975.59 billion in the first quarter of 2023, a 15.19% year-over-year increase[2].
Pre-pandemic (Q4 2019), Americans owed $845.36 billion in credit card debt.
How Much Credit Card Debt Does the Average American Have?
The average credit card debt per consumer in the US was $5,733 in Q1 2023, 1.24% down from the previous quarter (Q4 2022)[3].
Experian data suggests a slightly higher average credit balance among consumers in the US – $5,910 (in Q3 2022) and $5,221 (in Q3 2021)[4].
Average Credit Card Debt by State
Iowa had the lowest average credit card balance of $4,808 in Q3 2022, while average credit card balances reached $7,338 in Alaska. All states reported a year-over-year increase in average credit card balances[4].Â
YoY change in credit card debt by state
| State | Q3 2022 | Q3 2021 |
|---|---|---|
| Alabama | $5,364 | $4,875 |
| Alaska | $7,338 | $6,617 |
| Arizona | $5,755 | $5,061 |
| Arkansas | $5,183 | $4,670 |
| California | $6,030 | $5,154 |
| Colorado | $6,274 | $5,587 |
| Connecticut | $6,825 | $6,052 |
| Delaware | $6,015 | $5,357 |
| Florida | $6,408 | $5,620 |
| Georgia | $6,265 | $5,604 |
| Hawaii | $6,343 | $5,525 |
| Idaho | $5,181 | $4,539 |
| Illinois | $6,011 | $5,315 |
| Indiana | $5,017 | $4,528 |
| Iowa | $4,811 | $4,285 |
| Kansas | $5,532 | $5,029 |
| Kentucky | $4,894 | $4,408 |
| Louisiana | $5,577 | $5,054 |
| Maine | $5,078 | $4,538 |
| Maryland | $6,668 | $5,911 |
| Massachusetts | $6,046 | $5,232 |
| Michigan | $5,265 | $4,661 |
| Minnesota | $5,425 | $4,754 |
| Mississippi | $4,912 | $4,449 |
| Missouri | $5,417 | $4,865 |
| Montana | $5,385 | $4,778 |
| Nebraska | $5,312 | $4,789 |
| Nevada | $6,176 | $5,373 |
| New Hampshire | $5,944 | $5,251 |
| New Jersey | $6,819 | $5,995 |
| New Mexico | $5,350 | $4,821 |
| New York | $6,269 | $5,473 |
| North Carolina | $5,658 | $5,101 |
| North Dakota | $5,408 | $4,874 |
| Ohio | $5,320 | $4,808 |
| Oklahoma | $5,654 | $5,155 |
| Oregon | $5,316 | $4,630 |
| Pennsylvania | $5,640 | $5,026 |
| Rhode Island | $5,867 | $5,153 |
| South Carolina | $5,714 | $5,176 |
| South Dakota | $5,071 | $4,591 |
| Tennessee | $5,432 | $4,891 |
| Texas | $6,542 | $5,820 |
| Utah | $5,535 | $4,831 |
| Vermont | $5,159 | $4,595 |
| Virginia | $6,477 | $5,864 |
| Washington | $6,043 | $5,231 |
| Washington, D.C. | $6,904 | $5,949 |
| West Virginia | $5,005 | $4,574 |
| Wisconsin | $4,808 | $4,329 |
| Wyoming | $5,745 | $5,159 |
Average Credit Card Debt by Age
Borrowers who are 42-57 years old (Generation X) had the highest average credit card debt: $8,134 (in Q3 2022, 15% up compared to Q3 2021)[4]. Â
Despite Generation Z typically owing less per borrower ($2,854), younger people under 25 years old saw the biggest year-over-year increase in average credit card debt (+25.1%) than any other age group.
YoY change in credit card debt by age
| Generation (age group) | Q3 2022 (YoY change) | Q3 2021 |
|---|---|---|
| Generation Z (18-25 years old) | $2,854 (+25.1%) | $2,282 |
| Millennials (26-41 years old) | $5,649 (+23.5%) | $4,576 |
| Generation X (42-57 years old) | $8,134 (+15%)Â | $7,070 |
| Baby Boomers (58-76 years old) | $6,245 (+7.6%)Â | $5,804 |
| Silent Generation (77 years old and over) | $3,316Â (+4.4%)Â | $3,177 |
Average Credit Utilization
The average credit utilization rate in the US reached 21.5% in the first quarter of 2023, 1.5% up compared to the same quarter in 2022[5].
Credit Card Originations
Credit card originations (new cards issued) in the US reached 82.1 million (an-all time high) in 2022, showing an 11.7% increase over the past year[6].Â
In 2023, there were reported 6.2 million credit card originations from January to March (7.3% year-over-year growth).Â
Credit Card Originations by Credit Score
According to an analysis of credit card originations in the US, the percentage of subprime consumers (with credit scores between 300 and 600) in the total number of credit originations has declined from 22.8% in Q4 2021 to 19.3% in Q4 2022 as lenders minimize risk exposure[5].Â
Prime consumers (661-720) held the largest share (22.3%) as of Q4 2022 compared to other risk tiers.
Credit Card Balances by Generation
Generation X owes the largest share of credit card balances (33.9%), followed by Millennials (28.6%) and Baby Boomers (27.9%)[5].
Credit Card Delinquency Rates
The delinquency rate (30+ days past due) on credit card balances in the US reached 4.17% in the first quarter of 2023, a 0.88 percentage point increase since Q1 2022. That is almost double the 10-year average of 2.28%[5].
Serious credit card delinquencies (90+ days past due) rose to 2.26% in Q1 2023 from 1.61% in Q1 2022.
Historical Credit Card Interest Rates
The average interest rate on credit cards reached 20.09% in February 2023, a record high. Rising rates and rising balances indicate additional stress for consumers and windfall profits for card issuers[7].
The content on finmasters.com is for educational and informational purposes only and should not be construed as professional financial advice. Finmasters is not a financial institution and does not provide any financial products or services. We strive to provide up-to-date information but make no warranties regarding the accuracy of our information.
