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.

Consumers in the United States had over **** trillion dollars in debt as of the first quarter of 2025. The majority of that debt were home mortgages, amounting to approximately **** trillion U.S. dollars. Student and car loans were the second and third largest component of household debt. Why is consumer debt important? Debt influences the Consumer Sentiment Index, which is an important indicator assessing the state of the U.S. economy. The U.S. housing market is also seen a bellwether of the economic conditions in the country. The housing industry employs a large number of people, and mortgages are large investments that consumers will pay off over the course of years, sometimes decades. Because of this, financial analysts closely watch consumer debt and its effects on the demand for housing. Attitudes towards debt Consumer perception of debt differed, depending on the kind of debt in question. While most saw a home mortgage as a positive investment, they increasingly looked at student loan debt as a negative debt. With education costs increasing, people are incurring more student loan debt in the United States. Credit card debt also had negative connotations.

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.

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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

Commercial bank interest rates on credit card plans in the United States were over *** percent higher in early 2025 than in the same period in 2022. In February 2025, the interest amount on credit card plans amounted to ***** percent. Alongside this development, the overall amount of credit card debt in the U.S. reached an all-time high in Q4 2023. Credit cards are considered one of the most common ways to pay in the United States, so potential changes on credit card debt are closely tied to both the inflation figure and central bank interest rate of the country.

In the third quarter of 2022, households in the United States had, on average, ****** U.S. dollars of mortgage debt. That was the biggest component of their personal debt burden. The value per capita of car and student loans was much lower, but still contributed more to the level of household indebtedness than credit cards or HE revolving.

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

Private Debt to GDP in the United States decreased to 142 percent in 2024 from 147.50 percent in 2023. United States Private Debt to GDP - values, historical data, forecasts and news - updated on September of 2025.

Debt Balance Auto Loans in the United States increased to 1.66 Trillion USD in the second quarter of 2025 from 1.64 Trillion USD in the first quarter of 2025. This dataset includes a chart with historical data for the United States Debt Balance Auto Loans.

Key information about Croatia Household Debt: % of GDP

• Croatia household debt accounted for 32.6 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 32.7 % in the previous quarter.
• Croatia household debt to GDP ratio is updated quarterly, available from Mar 2012 to Sep 2024.
• The data reached an all-time high of 43.2 % in Jun 2012 and a record low of 31.5 % in Dec 2023.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Croatian National Bank provides Household Debt in EUR. Croatian Bureau of Statistics provides Nominal GDP in EUR. Household Debt includes NPISH.


Related information about Croatia Household Debt: % of GDP

• In the latest reports, Croatia Household Debt reached 30.4 USD bn in Sep 2024.
• Money Supply M2 in Croatia increased 6.4 % YoY in Nov 2024.
• Croatia Foreign Exchange Reserves was measured at 28.3 USD bn in Dec 2022.
• The Foreign Exchange Reserves equaled 8.0 Months of Import in Dec 2022.
• Croatia Domestic Credit reached 60.0 USD bn in Nov 2024, representing an increased of 5.9 % YoY.
• The country's Non Performing Loans Ratio stood at 2.5 % in Sep 2024, compared with the ratio of 2.6 % in the previous quarter.

Key information about United Kingdom Household Debt: % of GDP

• United Kingdom household debt accounted for 81.6 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 81.8 % in the previous quarter.
• UK household debt to GDP ratio is updated quarterly, available from Mar 1987 to Sep 2024.
• The data reached an all-time high of 108.5 % in Mar 2010 and a record low of 55.6 % in Mar 1987.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Office for National Statistics provides Household Debt in local currency and Nominal GDP in local currency. Household Debt includes NPISH.


Related information about United Kingdom Household Debt: % of GDP

• In the latest reports, UK Household Debt reached 3,076.4 USD bn in Sep 2024.
• Money Supply M2 in UK increased 2.2 % YoY in Dec 2024.
• UK Foreign Exchange Reserves was measured at 112.5 USD bn in Jan 2025.
• The Foreign Exchange Reserves equaled 1.4 Months of Import in Oct 2024.
• UK Domestic Credit reached 4,866.2 USD bn in Dec 2024, representing an drop of 1.3 % YoY.
• The country's Non Performing Loans Ratio stood at 1.0 % in Dec 2022, compared with the ratio of 1.0 % in the previous year.

Credit bureaus and rating agencies in the US have experienced notable growth in recent years due to heightened demand for information. The reliance on data analytics has driven increased interest in these services, which provide vital information on creditworthiness for both individuals and businesses. This has been particularly significant as businesses and individuals seek to make well-informed financial decisions. Despite challenges related to the pandemic, inflation and high interest rates, the industry has thrived and profit has soared, indicating its resilience and the critical nature of the services it offers in a data-driven economy. While long-term demand for information has buoyed the industry, providers’ trajectory has been influenced by broader economic conditions, notably equity market fluctuations. The industry weathered initial pandemic-related disruptions, which precipitated a sharp fall in stock prices and corporate profit. Nonetheless, rapid fiscal and monetary responses bolstered investor confidence and led to a robust rebound in equity markets, contributing to massive revenue growth in 2020 and 2021. Soaring interest rates in 2022 and 2023 boosted recessionary fears among investors, hindering demand for equities, reducing stock prices and thus contributing to a major drop in revenue in 2022. These effects have percolated into the real economy as consumer and business borrowing has slowed, constraining aggregate household debt and corporate debt. These effects have negatively impacted the industry in 2023 and 2024, though a rebound in the stock market has prevented a major collapse in revenue. Overall, revenue for credit bureaus and rating agencies in the US is anticipated to soar at a CAGR of 4.3% over the past five years, reaching $16.4 billion in 2024. This includes a 1.3% drop in revenue in that year. Looking ahead, credit bureaus and rating agencies will face a more tempered growth trajectory over the next five years. The broad adoption of online services and data analytics has led to market saturation, reducing opportunities for exponential revenue growth. Nonetheless, stable economic growth and business formation should sustain a steady demand for credit reporting and rating services. The predicted slower growth in equity prices will moderate financial institutions' borrowing capacity, which will also contribute to the slowdown in revenue growth. Overall, revenue for credit bureaus and rating agencies in the United States is forecast to inch upward at a CAGR of 1.1% over the next five years, reaching $17.4 billion in 2029.

Long-Term-Debt Time Series for Sezzle Inc. Common Stock. Sezzle Inc. operates as a technology-enabled payments company primarily in the United States and Canada. The company offers payment solution in-store and at online retail stores; and through proprietary payments solution that connects consumers with merchants for instantly extends credit at the point-of-sale. It also provides Sezzle Platform that provides a payments solution for consumers that extends credit at the point-of-sale allowing consumers to purchase and receive the ordered merchandise at the time of sale while paying in installments over time; Pay-in-Four, which allows consumers to pay a fourth of the purchase price up front and then another fourth of the purchase price every two weeks thereafter over a total of six weeks; Pay-in-Full that allows consumers to pay for the full value of their order up-front through the Sezzle Platform without the extension of credit; and Pay-in-Two and other alternative installment options, which allow consumer to pay half of the value of their order up-front and the second half in two weeks. In addition, the company offers Sezzle Virtual Card that allows consumers to access the Sezzle Platform in the form of merchants in-store and online with merchants that are not directly integrated with Sezzle; Sezzle Anywhere, a paid subscription service that allows consumers to use their Sezzle Virtual Card at any merchant online or in-store; Sezzle On-Demand, a service that allows consumers who are not subscribed to Sezzle Anywhere to use the Sezzle Platform at any merchant online or in-store; Sezzle Premium, a paid subscription service that allows its consumers to access large, non-integrated premium merchants; and Sezzle Up, an opt-in feature of the Sezzle Platform. Further, the company offers Long-Term Lending through collaboration with third-party lenders and Product Innovation. Sezzle Inc. was incorporated in 2016 and is headquartered in Minneapolis, Minnesota.

The European credit card market, valued at €2.47 billion in 2025, is projected to experience steady growth, exhibiting a compound annual growth rate (CAGR) of 2.83% from 2025 to 2033. This growth is fueled by several key drivers. Increasing digitalization and e-commerce adoption across Europe are significantly boosting credit card transactions. Furthermore, the expanding middle class and rising disposable incomes in several European countries are contributing to increased consumer spending and a greater reliance on credit cards for purchases. Government initiatives aimed at promoting financial inclusion and the proliferation of contactless payment technologies are also playing a vital role in market expansion. Segmentation analysis reveals that general-purpose credit cards hold the largest market share, driven by their versatility and widespread acceptance. Within applications, food and groceries, along with restaurants and bars, represent significant segments, highlighting the prevalence of credit card use for everyday spending. Major players like Visa and Mastercard dominate the provider landscape, while banks such as Capital One, Citi Bank, and Chase maintain strong market positions. However, the market faces some restraints including concerns over increasing debt levels among consumers and the rise of alternative payment methods like mobile wallets and Buy Now Pay Later (BNPL) services. This competitive pressure necessitates continuous innovation and strategic adaptations by established players to retain their market share. The forecast period (2025-2033) anticipates sustained, albeit moderate, growth, influenced by evolving consumer preferences and technological advancements. Growth will likely be uneven across European nations, with countries exhibiting higher economic growth rates and greater digital adoption potentially experiencing faster credit card market expansion. The ongoing shift towards digital banking and the integration of credit cards within broader fintech ecosystems will further shape the market's trajectory. Specific regional variations will depend on factors such as regulatory environments, consumer behavior, and the availability of alternative payment solutions. Continued monitoring of these trends is critical for effective strategic planning within the European credit card market. Recent developments include: February 2023: ASOS, the global online fashion destination, and Capital One UK announced a new and exclusive credit card partnership. The partnership will likely launch a new ASOS credit card for eligible shoppers, available later this year. It is projected to provide a range of features and benefits that only come with using a credit card when they shop at ASOS and elsewhere, such as Section 75 protection on purchases over EUR 100., November 2022: Germany's leading international provider of ticketing services and live entertainment CTS EVENTIM presented its own branded credit card issued by Advanzia Bank. The Eventimcard offered an integrated loyalty program that gives cardholders VIP entry to venues owned or operated by CTS EVENTIM, free ticket delivery, and all the benefits included in the Mastercard Gold.. Key drivers for this market are: Usage of Credit Card give the bonus and reward points. Potential restraints include: Usage of Credit Card give the bonus and reward points. Notable trends are: Increasing Card Transactions in Europe have a Major Impact on Credit Card.

Net-Buyback-Yield Time Series for Synchrony Financial. Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products, and consumer installment loans. The company also offers private label credit cards, dual and general purpose co-branded cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, savings accounts, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms. In addition, it provides debt cancellation products to its credit card customers through online and mobile channels; and healthcare payments and financing solutions under the CareCredit and Walgreens brands; payments and financing solutions in the apparel, specialty retail, outdoor, music, and luxury industries, such as American Eagle, Dick's Sporting Goods, Guitar Center, Kawasaki, Pandora, Polaris, Suzuki, and Sweetwater. The company offers its credit products through programs established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers; and deposit products through various channels, such as digital and print. It serves digital, health and wellness, retail, home, auto, telecommunications, pet, outdoor, and other industries. The company was founded in 1932 and is headquartered in Stamford, Connecticut.

Operating-Return-On-Assets Time Series for Synchrony Financial. Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products, and consumer installment loans. The company also offers private label credit cards, dual and general purpose co-branded cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, savings accounts, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms. In addition, it provides debt cancellation products to its credit card customers through online and mobile channels; and healthcare payments and financing solutions under the CareCredit and Walgreens brands; payments and financing solutions in the apparel, specialty retail, outdoor, music, and luxury industries, such as American Eagle, Dick's Sporting Goods, Guitar Center, Kawasaki, Pandora, Polaris, Suzuki, and Sweetwater. The company offers its credit products through programs established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers; and deposit products through various channels, such as digital and print. It serves digital, health and wellness, retail, home, auto, telecommunications, pet, outdoor, and other industries. The company was founded in 1932 and is headquartered in Stamford, Connecticut.

Debt-To-Equity-Ratio Time Series for Coastal Financial Corp. Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts. The company offers commercial and industrial loans, such as term loans, commercial lines of credit, capital call lines working capital loans, equipment financing, borrowing base loans, small business administration loans, and other loan products; owner and non-owner-occupied real estate loans, and multi-family residential loans; construction, land, and land development loans; residential real estate loans; and consumer and other loans, including automobile, boat and recreational vehicle, and secured term loans, as well as personal lines of credit, including overdraft protection. In addition, it provides remote deposit capture, online and mobile banking, and direct and reciprocal deposit services; and debit cards. Further, the company offers business accounts and cash management services, including business checking and savings accounts, and treasury services, as well as Banking as a Service (BaaS), a platform that allows broker dealers and digital financial service providers to offer their customers banking services. The company was founded in 1997 and is headquartered in Everett, Washington.

Key information about Cambodia Household Debt: % of GDP

• Cambodia household debt accounted for 26.6 % of the country's Nominal GDP in Dec 2022, compared with the ratio of 25.2 % in the previous year.
• Cambodia household debt to GDP ratio is updated yearly, available from Dec 2008 to Dec 2022.
• The data reached an all-time high of 26.6 % in Dec 2022 and a record low of 2.0 % in Dec 2010.

CEIC calculates annual Household Debt as % of Nominal GDP from monthly Household Debt and annual Nominal GDP. The National Bank of Cambodia provides Household Debt in local currency. The National Institute of Statistics provides Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics. Household Debt includes Mortgages, Personal Loans and Credit Cards.


Related information about Cambodia Household Debt: % of GDP

• In the latest reports, Cambodia Household Debt reached 12.1 USD bn in Jun 2024.
• Money Supply M2 in Cambodia increased 14.8 % YoY in Jun 2024.
• Cambodia Foreign Exchange Reserves was measured at 16.0 USD bn in May 2024.
• The Foreign Exchange Reserves equaled 6.6 Months of Import in Mar 2023.
• Cambodia Domestic Credit reached 51.9 USD bn in Jun 2024, representing an increased of 3.6 % YoY.
• The country's Non Performing Loans Ratio stood at 2.1 % in Dec 2020, compared with the ratio of 1.8 % in the previous year.

United States - Credit Unions; Debt Securities and Loans; Asset, Transactions was 88827.00000 Mil. of $ in January of 2025, according to the United States Federal Reserve. Historically, United States - Credit Unions; Debt Securities and Loans; Asset, Transactions reached a record high of 364396.00000 in April of 2022 and a record low of -37628.00000 in January of 2009. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Credit Unions; Debt Securities and Loans; Asset, Transactions - last updated from the United States Federal Reserve on August of 2025.

United States - Credit Unions; Debt Securities; Asset, Level was 354614.00000 Mil. of $ in January of 2025, according to the United States Federal Reserve. Historically, United States - Credit Unions; Debt Securities; Asset, Level reached a record high of 412804.00000 in January of 2022 and a record low of 50.00000 in October of 1946. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Credit Unions; Debt Securities; Asset, Level - last updated from the United States Federal Reserve on September of 2025.