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.

The average consumer debt balance in the United States has peaked in 2024 at roughly ******* U.S. dollars. However, average consumer debt had decreased between 2010 and 2013, when it reached approximately ****** U.S. dollars. Here, consumer debt refers to student and car loans, credit cards, personal loans, mortgages, and other types of debt.

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 2023. That year, the average credit card debt of the generation Z amounted to approximately 3,260 U.S. dollars. People in the silent generation had a credit card balance of roughly 3,410 U.S. dollars.

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 Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-07-09 about revolving, credit cards, 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.

Graph and download economic data for Commercial Bank Interest Rate on Credit Card Plans, All Accounts (TERMCBCCALLNS) from Nov 1994 to May 2025 about consumer credit, credit cards, loans, consumer, interest rate, banks, interest, depository institutions, rate, and USA.

Total credit card debt in the UK grew by over ****billion British pounds between March and April 2025, now reaching a similar level of debt as seen in early 2020. The annual growth rate of credit card debt stayed about the same in April 2025, reaching *** percent when compared to aApril 2024. The growth rate in 2024 has been decreasing until 2025 where it started to increase again, which may potentially be attributed to growing interest rates and the cost of living crisis.

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.

The average amount of non-mortgage debt held by consumers in the United States has been falling steadily during the past years, amounting to ****** U.S. dollars in 2023. While respondents had ****** U.S. dollars of debt in 2018, that volume decreased to ****** U.S. dollars in 2019, which constituted the largest year-over-year decrease.What age groups are more indebted in the U.S.?The age group with the highest level of consumer debt in the U.S. was belonging to the Generation X with approximately ******* U.S. dollars of debt in 2022. The next generations with high consumer debt levels were baby boomers and millennials, whose debt levels were similar. In comparison, credit card debt is more equally distributed across all ages. There is an exception among people under 35 years old, who are significantly less burdened with credit card debt. However, most consumers expect to get rid of their debt in the short term. College expenses as a source of debtEducational expenses were not among the leading sources of debt among consumers in the U.S. in 2022. Instead, they made up about ** percent of the total. However, around ** percent of undergraduates from lower-income families had student loans, while over a fifth of undergraduates from higher-income families had student loans. Independently of how they cover these expenses, the confidence of students and parents about being able to pay these college costs was high in most cases.

The UK's average credit card debt per household grew by 151 British pounds between December 2021 and December 2022, the first increase since 2020. Standing at 2,229 British pounds at December 2022, the figure contrasts with the decline in 2020 – when the debt declined from 2,594 British pounds to 2,083 British pounds. That particular drop was likely a result of Covid-19's economic impact, and consumers trying to get rid of their credit card debt. The increase in 2022 may be caused by growing interest rates and the cost of living crisis beginning to take shape.

HH Debt: Credit Card: Limit data was reported at 3,931.000 USD bn in Mar 2020. This records an increase from the previous number of 3,897.000 USD bn for Dec 2019. HH Debt: Credit Card: Limit data is updated quarterly, averaging 2,913.000 USD bn from Mar 1999 (Median) to Mar 2020, with 85 observations. The data reached an all-time high of 3,931.000 USD bn in Mar 2020 and a record low of 1,380.000 USD bn in Jun 1999. HH Debt: Credit Card: Limit data remains active status in CEIC and is reported by Federal Reserve Bank of New York. The data is categorized under Global Database’s United States – Table US.KB027: Household Debt.

Key information about Sweden Household Debt

• Sweden Household Debt reached 542.1 USD bn in Sep 2024, compared with the reported number of 517.6 USD bn in the previous quarter
• Sweden Household Debt: USD mn data is updated quarterly, available from Mar 1996 to Sep 2024
• The data reached an all-time high of 595.6 USD bn in Dec 2020 and a record low of 113.7 USD bn in Jun 1997

CEIC converts quarterly Household Debt into USD. Statistics Sweden provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.


Further information about Sweden Household Debt

• In the latest reports, Sweden Household Debt accounted for 86.2 % of the country's Nominal GDP in Sep 2024
• Money Supply M2 in Sweden increased 447.1 USD bn YoY in Oct 2024
• Sweden Foreign Exchange Reserves was measured at 43.4 USD bn in Oct 2024
• The Foreign Exchange Reserves equaled 2.5 Months of Import in Oct 2024
• Sweden Domestic Credit reached 1,000.4 USD bn in Aug 2024, representing an drop of 6.8 % YoY

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q1 2025 about disposable, payments, debt, personal income, percent, personal, households, services, income, and USA.

Graph and download economic data for Charge-Off Rate on Credit Card Loans, All Commercial Banks (CORCCACBS) from Q1 1985 to Q1 2025 about charge-offs, credit cards, commercial, loans, banks, depository institutions, rate, and USA.

Key information about India Household Debt

• India Household Debt reached 617.3 USD bn in Mar 2024, compared with the reported number of 486.7 USD bn in the previous year
• India Household Debt: USD mn data is updated yearly, available from Mar 1998 to Mar 2024
• The data reached an all-time high of 617.3 USD bn in Mar 2024 and a record low of 8.8 USD bn in Mar 1998

CEIC converts annual Household Debt into USD. The Reserve Bank of India provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics. Household Debt includes Consumer Durables, Housing and Rest of Personal Loans. Household Debt is in annual frequency, ending in March of each year.


Further information about India Household Debt

• In the latest reports, India Household Debt accounted for 17.4 % of the country's Nominal GDP in Mar 2024
• Money Supply M2 in India increased 760.6 USD bn YoY in Apr 2024
• India Foreign Exchange Reserves was measured at 572.6 USD bn in May 2024
• The Foreign Exchange Reserves equaled 9.2 Months of Import in May 2023
• India Domestic Credit reached 3,045.9 USD bn in Apr 2024, representing an increased of 11.1 % YoY

The total average debt of Baby Boomers in the United States amounted to nearly 94,880 U.S. dollars in 2023. Debt balances, however, varied greatly according to the generation. The Generation X held the highest debt on average (157,560 U.S. dollars), while generation Z held the lowest average debt (nearly 29,820 U.S. dollars).

Hungarian consumers performed roughly ** credit card payments per capita in 2020, a decline when compared to 2019. This according to estimates based off credit card figures from the country's central bank. No information is provided why this number went down in the country during the first year of the coronavirus pandemic. Arguably, this could coincide with a trend in the UK of paying off credit card debt during lockdown.