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.

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.

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

• 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 Federal Debt: Total Public Debt (GFDEBTN) from Q1 1966 to Q1 2025 about public, debt, federal, government, and USA.

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.

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.

In 2023, the gross federal debt in the United States amounted to around ****** U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about ****** U.S. dollars. The total debt accrued by the U.S. annually can be accessed here. Federal debt of the United States The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States. Politics and the national debt In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.

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.

United States - Delinquency Rate on Credit Card Loans, All Commercial Banks was 3.05% in January of 2025, according to the United States Federal Reserve. Historically, United States - Delinquency Rate on Credit Card Loans, All Commercial Banks reached a record high of 6.77 in April of 2009 and a record low of 1.53 in July of 2021. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Delinquency Rate on Credit Card Loans, All Commercial Banks - last updated from the United States Federal Reserve on July of 2025.

Credit repair service providers identify errors in credit reporting and dispute inaccurate information with the appropriate organizations to improve credit ratings. The industry's performance often behaves countercyclically to the overall economy. Despite this, revenue fell during COVID-19 as massive government aid pushed up savings. These savings kept consumers financially stable, so demand credit repair services declined in 2020. As economic restrictions were lifted, many households went on a spending spree and ruined their credit, so revenue for the industry rose in 2021. While interest rates have been volatile, they've risen over time as the Federal Reserve has increased borrowing costs to cool the economy. Higher interest rates make it harder for consumers to pay off debt, ruining their credit. This raises demand for the industry's services. Overall, revenue for credit repair service providers is expected to increase at a CAGR of 2.8% during the current period, reaching $6.6 billion in 2023. Revenue is anticipated to rise 2.5% in that year.The industry will grow modestly in the near future, but it will face some challenges. The outlook period will be marked by significant volatility, as determinants of revenue (e.g., consumer spending, interest rates, corporate profit) will shift significantly over this time frame. The Federal Reserve will continue to raise interest rates to bring the inflation rate down to 2.0%. Since the cost of borrowing will continue to increase, the industry will benefit. Economic growth will be strong, making individuals more credit-worthy and reducing demand for credit repair services. Individuals will be more able to repair their credit on their own as online resources get more comprehensive. Overall, revenue for credit repair service providers is forecast to cincrease at a CAGR of 1.0% during the outlook period, reaching $7.0 billion in 2028. Profit is expected to comprise 10.1% of revenue in that year.

Graph and download economic data for Delinquency Rate on Consumer Loans, All Commercial Banks (DRCLACBS) from Q1 1987 to Q1 2025 about delinquencies, commercial, loans, consumer, banks, depository institutions, rate, and USA.

Personal savings in the United States reached a value of 975 billion U.S. dollars in 2024, marking a slight increase compared to 2023. Personal savings peaked in 2020 at nearly 2.7 trillion U.S. dollars. Those figures remained very high until 2021. The excess savings during the COVID-19 pandemic in the U.S. and other countries were the main reason for that increase, as the measures implemented to contain the spread of the virus had an impact on consumer spending. Saving before and after the 2008 financial crisis During the periods of growth and certain economic stability in the pre-2008 crisis period, there were falling savings rates. People were confident the good times would stay and felt comfortable borrowing money. Credit was easily accessible and widely available, which encouraged people to spend money. However, in times of austerity, people generally tend to their private savings due to a higher economic uncertainty. That was also the case in the wake of the 2008 financial crisis. Savings and inflation The economic climate of high inflation and rising Federal Reserve interest rates in the U.S. made it increasingly difficult to save money in 2022. Not only does inflation affect the ability of people to save, but reversely, consumer behavior also affects inflation. On the one hand, prices can increase when the production costs are higher. That can be the case, for example, when the price of West Texas Intermediate crude oil or other raw materials increases. On the other hand, when people have a lot of savings and the economy is strong, high levels of consumer demand can also increase the final price of products.

Following the drastic increase directly after the COVID-19 pandemic, the delinquency rate started to gradually decline, falling below *** percent in the second quarter of 2023. In the second half of 2023, the delinquency rate picked up, but remained stable throughout 2024. In the first quarter of 2025, **** percent of mortgage loans were delinquent. That was significantly lower than the **** percent during the onset of the COVID-19 pandemic in 2020 or the peak of *** percent during the subprime mortgage crisis of 2007-2010. What does the mortgage delinquency rate tell us? The mortgage delinquency rate is the share of the total number of mortgaged home loans in the U.S. where payment is overdue by 30 days or more. Many borrowers eventually manage to service their loan, though, as indicated by the markedly lower foreclosure rates. Total home mortgage debt in the U.S. stood at almost ** trillion U.S. dollars in 2024. Not all mortgage loans are made equal ‘Subprime’ loans, being targeted at high-risk borrowers and generally coupled with higher interest rates to compensate for the risk. These loans have far higher delinquency rates than conventional loans. Defaulting on such loans was one of the triggers for the 2007-2010 financial crisis, with subprime delinquency rates reaching almost ** percent around this time. These higher delinquency rates translate into higher foreclosure rates, which peaked at just under ** percent of all subprime mortgages in 2011.

This dataset provides values for PRIVATE DEBT TO GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The Volcker Shock was a period of historically high interest rates precipitated by Federal Reserve Chairperson Paul Volcker's decision to raise the central bank's key interest rate, the Fed funds effective rate, during the first three years of his term. Volcker was appointed chairperson of the Fed in August 1979 by President Jimmy Carter, as replacement for William Miller, who Carter had made his treasury secretary. Volcker was one of the most hawkish (supportive of tighter monetary policy to stem inflation) members of the Federal Reserve's committee, and quickly set about changing the course of monetary policy in the U.S. in order to quell inflation. The Volcker Shock is remembered for bringing an end to over a decade of high inflation in the United States, prompting a deep recession and high unemployment, and for spurring on debt defaults among developing countries in Latin America who had borrowed in U.S. dollars.

Monetary tightening and the recessions of the early '80s

Beginning in October 1979, Volcker's Fed tightened monetary policy by raising interest rates. This decision had the effect of depressing demand and slowing down the U.S. economy, as credit became more expensive for households and businesses. The Fed funds rate, the key overnight rate at which banks lend their excess reserves to each other, rose as high as 17.6 percent in early 1980. The rate was allowed to fall back below 10 percent following this first peak, however, due to worries that inflation was not falling fast enough, a second cycle of monetary tightening was embarked upon starting in August of 1980. The rate would reach its all-time peak in June of 1981, at 19.1 percent. The second recession sparked by these hikes was far deeper than the 1980 recession, with unemployment peaking at 10.8 percent in December 1980, the highest level since The Great Depression. This recession would drive inflation to a low point during Volcker's terms of 2.5 percent in August 1983.

The legacy of the Volcker Shock

By the end of Volcker's terms as Fed Chair, inflation was at a manageable rate of around four percent, while unemployment had fallen under six percent, as the economy grew and business confidence returned. While supporters of Volcker's actions point to these numbers as proof of the efficacy of his actions, critics have claimed that there were less harmful ways that inflation could have been brought under control. The recessions of the early 1980s are cited as accelerating deindustrialization in the U.S., as manufacturing jobs lost in 'rust belt' states such as Michigan, Ohio, and Pennsylvania never returned during the years of recovery. The Volcker Shock was also a driving factor behind the Latin American debt crises of the 1980s, as governments in the region defaulted on debts which they had incurred in U.S. dollars. Debates about the validity of using interest rate hikes to get inflation under control have recently re-emerged due to the inflationary pressures facing the U.S. following the Coronavirus pandemic and the Federal Reserve's subsequent decision to embark on a course of monetary tightening.

External Debt in Pakistan decreased to 130310 USD Million in the first quarter of 2025 from 130921 USD Million in the fourth quarter of 2024. This dataset provides - Pakistan External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.