Credit card debt in the United States has been growing at a fast pace between 2021 and 2025. In the fourth quarter of 2024, the overall amount of credit card debt reached its highest value throughout the timeline considered here. COVID-19 had a big impact on the indebtedness of Americans, as credit card debt decreased from *** billion U.S. dollars in the last quarter of 2019 to *** billion U.S. dollars in the first quarter of 2021. What portion of Americans use credit cards? A substantial portion of Americans had at least one credit card in 2025. That year, the penetration rate of credit cards in the United States was ** percent. This number increased by nearly seven percentage points since 2014. The primary factors behind the high utilization of credit cards in the United States are a prevalent culture of convenience, a wide range of reward schemes, and consumer preferences for postponed payments. Which companies dominate the credit card issuing market? In 2024, the leading credit card issuers in the U.S. by volume were JPMorgan Chase & Co. and American Express. Both firms recorded transactions worth over one trillion U.S. dollars that year. Citi and Capital One were the next banks in that ranking, with the transactions made with their credit cards amounting to over half a trillion U.S. dollars that year. Those industry giants, along with other prominent brand names in the industry such as Bank of America, Synchrony Financial, Wells Fargo, and others, dominate the credit card market. Due to their extensive customer base, appealing rewards, and competitive offerings, they have gained a significant market share, making them the preferred choice for consumers.

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-06-25 about revolving, credit cards, loans, consumer, banks, depository institutions, and USA.

Debt Balance Credit Cards in the United States decreased to 1.18 Trillion USD in the first quarter of 2025 from 1.21 Trillion USD in the fourth quarter of 2024. This dataset includes a chart with historical data for the United States Debt Balance Credit Cards.

The generation X was the group of people with the highest average credit card balance in the United States in the 3rd quarter 2024. That year, the average credit card debt of the generation Z amounted to approximately ***** U.S. dollars. People in the silent generation had a credit card balance of roughly ***** U.S. dollars.

This statistic presents the average credit card debt of Americans in 2017, by income. In that year, the credit card debt of Americans who earned more than 160 thousand U.S. dollars amounted to 11,200 U.S. dollars.

Graph and download economic data for Large Bank Consumer Credit Card Balances: Total Balances (RCCCBBALTOT) from Q3 2012 to Q4 2024 about FR Y-14M, consumer credit, credit cards, large, balance, loans, consumer, banks, depository institutions, and USA.

Key information about United States Household Debt

• United States Household Debt reached 18,036.0 USD bn in Dec 2024, compared with the reported number of 17,943.0 USD bn in the previous quarter
• US Household Debt: USD mn data is updated quarterly, available from Mar 1999 to Dec 2024
• The data reached an all-time high of 18,036.0 USD bn in Dec 2024 and a record low of 4,540.0 USD bn in Mar 1999

Federal Reserve Board of New York provides quarterly Household Debt in USD. Household Debt includes Mortgages, Home Equity Revolving, Auto Loans, Bankcards, Student Loans and Others.


Further information about United States Household Debt

• In the latest reports, United States Household Debt accounted for 61.7 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in United States increased 21,533.8 USD bn YoY in Dec 2024
• United States Foreign Exchange Reserves was measured at 34.9 USD bn in Dec 2024
• The Foreign Exchange Reserves equaled 0.1 Months of Import in Dec 2024
• United States Domestic Credit reached 30,648.3 USD bn in Mar 2024, representing an drop of 0.3 % YoY

Graph and download economic data for Delinquency Rate on Credit Card Loans, All Commercial Banks (DRCCLACBS) from Q1 1991 to Q1 2025 about credit cards, delinquencies, commercial, loans, banks, depository institutions, rate, and USA.

As of the last quarter of 2022, Alaska and Hawaii were the states in the U.S. with the highest credit card debt. While the average credit card debt in Alaska amounted to 4,430 U.S. dollars, people from Mississippi only had on average 2,450 U.S. dollars of credit card debt.

Graph and download economic data for Large Bank Consumer Credit Card Balances: 30 or More Days Past Due Rates: Accounts Based (RCCCBACTDPD30P) from Q3 2012 to Q4 2024 about 30 days +, accounts, FR Y-14M, consumer credit, credit cards, large, balance, loans, consumer, banks, depository institutions, rate, and USA.

Introduction

Credit Card Statistics: A credit card is a widely used financial tool that allows consumers to make purchases or withdraw cash on credit, accruing debt to be repaid later. As of Q4 2024, Americans held approximately USD 1.21 trillion in credit card debt, marking a 4% increase from the previous year. The average credit card balance per consumer reached USD 6,730, up by 3.5% from 2023.

In the same period, the number of credit card accounts in the U.S. rose to about 617 million. Globally, Visa and Mastercard have approximately 1.3 billion and 1.1 billion credit cards in circulation, respectively. Credit cards accounted for 32% of all payment transactions in 2023, reflecting their significant role in consumer spending. However, 22% of credit card users make only minimum payments, indicating potential financial strain. Additionally, credit card delinquency rates rose to 3.6% in Q4 2024, highlighting challenges in debt repayment. These statistics underscore the importance of responsible credit card usage and financial management.

Credit cards also allow customers to build a debt balance that is related to the interest being charged. Let’s shed more light on “Credit Card Statistics†through this article.

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Debt Settlement Market Size 2024-2028

The debt settlement market size is forecast to increase by USD 5.07 billion at a CAGR of 10.3% between 2023 and 2028.

The market is experiencing significant growth due to the increasing trend of consumers seeking relief from mounting credit card debts. One-time debt settlement has gained popularity as an effective solution for individuals looking to reduce their outstanding debt balances. However, the time-consuming nature of negotiations between debtors and creditors poses a challenge for market expansion. Despite this, the market's strategic landscape remains favorable for companies offering debt settlement services. Key drivers include the rising number of consumers struggling with debt, increasing awareness of debt settlement as a viable debt relief option, and the growing preference for affordable and flexible debt repayment plans.
Companies seeking to capitalize on market opportunities should focus on streamlining the negotiation process, leveraging technology to enhance customer experience, and building trust and transparency with clients. Effective operational planning and strategic partnerships with creditors can also help companies navigate the challenges of a competitive and complex market.

What will be the Size of the Debt Settlement Market during the forecast period?

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The market encompasses a range of companies offering financial wellness programs to help consumers manage and reduce their debt. These programs include medical Debt collection, consumer debt relief, and financial education resources. Online financial resources and debt management software are increasingly popular, providing consumers with affordable debt solutions and debt negotiation strategies. However, it's crucial for consumers to be aware of debt settlement scams and their settlement success rates. Debt consolidation loans and financial planning tools are also viable options for responsible debt management. Furthermore, financial literacy education and workshops are essential for consumers to understand debt reduction calculators and credit reporting errors.
Consumer financial protection agencies offer financial counseling services and financial planning advice to promote financial wellness strategies and responsible borrowing. Student loan forgiveness programs are also gaining traction in the market. Overall, the market for debt settlement and financial wellness solutions continues to evolve, with a focus on providing accessible and effective debt relief options for consumers.

How is this Debt Settlement Industry segmented?

The debt settlement industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Credit card debt
  Student loan debt
  Medical debt
  Auto loan debt
  Unsecured personal loan debt
  Others


End-user

  Individual
  Enterprise
  Government


Distribution Channel

  Online
  Offline
  Hybrid


Service Type

  Debt Settlement
  Debt Consolidation
  Debt Management Plans
  Credit Counseling


Provider Type

  For-profit Debt Settlement Companies
  Non-profit Credit Counseling Agencies
  Law Firms
  Financial Institutions


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Japan
    South Korea


  South America



  Rest of World (ROW)

By Type Insights

The credit card debt segment is estimated to witness significant growth during the forecast period.

The market experiences significant activity due to the escalating credit card debt among consumers. In India, for instance, the rising financial hardships faced by borrowers are evident in the increasing credit card defaults. The latest data indicates that credit card defaults in India reached 1.8% in June 2024, a notable increase from 1.7% six months prior and 1.6% in March 2023. This trend underscores the mounting financial pressures on consumers. The outstanding credit card debt in India mirrors this trend, with approximately USD3.25 billion in outstanding balances as of June 2024, a slight increase from the previous year.

Debt elimination and negotiation strategies, such as debt relief programs and debt consolidation, have become increasingly popular among consumers seeking financial relief. Credit reporting agencies play a crucial role in this process, as they maintain and report consumers' credit histories to lenders. Student loan debt, medical debt, tax debt, and payday loans are other significant contributors to the market. Consumers often turn to debt validation, credit repair, and financial coaching for guidance in managing their debts. Online platforms, mobile apps, and budgeting tools have become

The average consumer debt balance in the United States has peaked in 2023 at roughly 104,200 U.S. dollars. However, average consumer debt had decreased between 2010 and 2013, when it reached approximately 85,500 U.S. dollars. Here, consumer debt refers to student and car loans, credit cards, personal loans, mortgages, and other types of debt.

The debt adjustment market is experiencing robust growth, driven by increasing consumer debt levels globally and a rising awareness of debt management solutions. The market's expansion is fueled by several key factors: the surge in personal loans, credit card debt, and student loan burdens; the growing accessibility of online debt counseling and negotiation services; and the increasing sophistication of debt adjustment strategies employed by both consumers and debt relief companies. While economic downturns can temporarily restrain market growth, the long-term trend points towards sustained expansion. Segmentation reveals a strong demand for open-end loan adjustments, reflecting the persistent nature of revolving credit debt. The market is geographically diverse, with North America and Europe currently holding significant market shares, but developing economies in Asia-Pacific and other regions are showing promising growth potential, driven by rising middle classes and increased access to credit. The competitive landscape is characterized by both large established companies and smaller niche players, all vying to cater to diverse client needs. This competitive dynamic fosters innovation and drives down prices, further expanding market access. The forecast period of 2025-2033 is expected to witness substantial growth, particularly in regions experiencing rapid economic development. The continued evolution of digital technologies is further facilitating access to debt adjustment services, making them more convenient and affordable for a broader consumer base. Effective regulatory frameworks and consumer protection measures will play a crucial role in ensuring responsible and sustainable growth within this market. While challenges such as fluctuating interest rates and economic uncertainty remain, the inherent need for debt management solutions suggests a positive outlook for the debt adjustment market's trajectory in the coming years. Proactive financial literacy programs and the development of innovative debt solutions will be vital factors influencing the overall market evolution.

The global personal credit card market, valued at $1,404.43 million in 2025, is projected to experience robust growth, driven by increasing financial inclusion, rising disposable incomes, and the expanding e-commerce sector. The market's Compound Annual Growth Rate (CAGR) of 4.3% from 2025 to 2033 indicates a steady expansion, with significant opportunities across diverse segments. The customer base is segmented by credit usage patterns, ranging from limited usage to those with revolving debt, reflecting varying levels of financial responsibility and risk appetite. Application-wise, daily consumption, travel, and entertainment are major drivers, showcasing the card's versatility in meeting diverse spending needs. Geographic expansion is also a key factor; while North America and Europe currently hold substantial market share, rapid economic growth in Asia-Pacific and other emerging markets promises significant future growth potential. Competition among major players like JPMorgan, Citibank, and American Express is fierce, leading to innovative product offerings and aggressive marketing strategies to capture market share. The increasing prevalence of digital banking and fintech solutions is further transforming the landscape, enabling faster application processing, enhanced security measures, and improved customer experiences. The market faces certain restraints, including rising interest rates, stringent regulatory frameworks aimed at protecting consumers from debt traps, and potential economic downturns that could impact consumer spending. However, the ongoing development of sophisticated credit scoring models and risk assessment tools, combined with financial literacy initiatives, are expected to mitigate some of these challenges. The ongoing adoption of contactless payments and mobile wallets is further fueling growth, adding convenience and security to personal credit card transactions. The market will likely witness increased product differentiation, with personalized offerings tailored to specific customer needs and lifestyles. Furthermore, strategic partnerships between banks and fintech companies are expected to accelerate innovation and market penetration in the coming years.

Graph and download economic data for Revolving Consumer Credit Owned and Securitized (REVOLSL) from Jan 1968 to Apr 2025 about securitized, owned, revolving, consumer credit, loans, consumer, and USA.

The consumer debt settlement market is experiencing robust growth, driven by increasing consumer debt levels globally and a rising awareness of debt relief solutions. The market's expansion is fueled by several factors, including the rising prevalence of unsecured debt like credit card and personal loans, economic downturns impacting individual financial stability, and the increasing availability of debt settlement services through both online platforms and traditional financial advisory firms. The segment encompassing open-end loans (like credit cards) and closed-end loans (like personal loans) constitutes a significant portion of the market, reflecting the widespread nature of consumer debt. Within these segments, credit card debt relief remains a dominant area, given the high interest rates and often overwhelming balances associated with these products. Medical and private student loan debt settlement are also exhibiting significant growth, driven by escalating healthcare costs and rising tuition fees respectively. Competition among companies like Freedom Debt Relief, National Debt Relief, and others is intense, leading to innovative service offerings and increased consumer choice. This competition, however, also presents a challenge in terms of maintaining profit margins and ensuring ethical practices within the industry. Regional variations exist, with North America and Europe currently leading the market, but developing economies in Asia-Pacific are poised for substantial growth as consumer credit markets mature. The forecast period (2025-2033) anticipates continued market expansion, although the rate of growth might slightly moderate compared to the historical period (2019-2024) as the market matures. Factors potentially influencing this moderate growth include increased regulatory scrutiny of debt settlement companies, the potential for economic recovery in certain regions leading to reduced consumer need for debt relief, and ongoing efforts to educate consumers about alternative debt management strategies. Despite these factors, the long-term outlook remains positive, driven by the persistent issue of consumer debt and the ongoing need for professional debt resolution services. Further segmentation by loan type and the emergence of new technological solutions for debt management are expected to shape the market landscape in the coming years.

Key information about United States Household Debt: % of GDP

• United States household debt accounted for 61.7 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 62.3 % in the previous quarter.
• US household debt to GDP ratio is updated quarterly, available from Mar 1999 to Dec 2024.
• The data reached an all-time high of 85.8 % in Dec 2008 and a record low of 49.4 % in Mar 1999.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Federal Reserve Board of New York provides Household Debt in USD. The Bureau of Economic Analysis provides Nominal GDP in USD. Household Debt includes Mortgages, Home Equity Revolving, Auto Loans, Bankcards, Student Loans and Others.


Related information about United States Household Debt: % of GDP

• In the latest reports, US Household Debt reached 18,036.0 USD bn in Dec 2024.
• Money Supply M2 in US increased 3.9 % YoY in Jan 2025.
• US Foreign Exchange Reserves was measured at 34.9 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 0.1 Months of Import in Dec 2024.
• US Domestic Credit reached 30,648.3 USD bn in Mar 2024, representing an drop of 0.3 % YoY.
• The country's Non Performing Loans Ratio stood at 1.7 % in Dec 2024, compared with the ratio of 1.5 % in the previous quarter.

The debt management services market is experiencing robust growth, driven by rising personal debt levels globally and increasing awareness of professional debt solutions. While precise figures for market size and CAGR weren't provided, a reasonable estimation, based on industry reports showing similar markets experiencing 5-8% annual growth, suggests a 2025 market size of approximately $15 billion USD. Projecting a conservative CAGR of 6% for the forecast period (2025-2033), the market is anticipated to reach approximately $25 billion USD by 2033. This growth is fueled by several key factors: a rise in consumer debt due to factors such as increased credit card usage and student loan burdens, the growing prevalence of financial illiteracy and the need for professional guidance, and a shift toward digital platforms offering accessible and convenient debt management solutions. The market is segmented by profit status (for-profit and non-profit) and application (individual and commercial), with the individual segment currently dominating. Key players like Money Management International and InCharge Debt Solutions are leveraging technology and expanding their service offerings to cater to this growing demand, while facing challenges such as regulatory scrutiny and the ongoing threat of financial scams. The geographical distribution of the debt management services market is diverse, with North America and Europe currently holding the largest market share. However, emerging economies in Asia-Pacific and regions in Africa are exhibiting promising growth potential. This expansion is attributed to increasing disposable incomes, improving financial literacy programs in certain regions, and the availability of debt consolidation services. Factors such as economic downturns, changes in consumer behavior and evolving regulatory frameworks pose restraints to market growth. However, the market's adaptability and the increasing need for effective debt solutions suggest a continuous upward trajectory in the foreseeable future. Future growth will likely depend on effective marketing, technological innovation, and strategic partnerships to better reach underserved populations.

Households Debt in the United States decreased to 69.20 percent of GDP in the fourth quarter of 2024 from 70.50 percent of GDP in the third quarter of 2024. This dataset provides - United States Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.