Credit card debt in the United States has been growing at a fast pace between 2021 and 2024. In the third 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 927 billion U.S. dollars in the last quarter of 2019 to 770 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 2024. That year, the penetration rate of credit cards in the United States was 67 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 2023, 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 2025-03-12 about revolving, credit cards, loans, consumer, banks, depository institutions, and USA.

As of the third quarter of 2024, the levels of debt from consumer lending in the United States amounted to over five trillion U.S. dollars. The consumer credit debt of households and nonprofit organizations increased steadily in the last decade. Throughout that period, the outstanding consumer credit in the U.S. has also been growing.

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

The tables and interactive maps below allow users to explore the ratio of debt to income by state, metropolitan statistical area, and county for each year since 1999. Household debt is calculated from Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel/Equifax Data, and household income is reported by the Bureau of Labor Statistics.

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: 90 or More Days Past Due Rates: Accounts Based (RCCCBACTDPD90P) from Q3 2012 to Q3 2024 about 90 days +, accounts, FR Y-14M, consumer credit, credit cards, large, balance, loans, consumer, banks, depository institutions, rate, and USA.

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.

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q4 2024 about disposable, payments, debt, personal income, percent, personal, households, services, income, and USA.

United States - Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks was 840.55900 Bil. of U.S. $ in March of 2022, according to the United States Federal Reserve. Historically, United States - Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks reached a record high of 853.09840 in March of 2020 and a record low of 211.89780 in July of 2000. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks - last updated from the United States Federal Reserve on March of 2025.

The average amount of non-mortgage debt held by consumers in the United States has been falling steadily during the past years, amounting to 21,800 U.S. dollars in 2023. While respondents had 38,000 U.S. dollars of debt in 2018, that volume decreased to 29,803 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 154,700 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 debt Educational expenses were not among the leading sources of debt among consumers in the U.S. in 2022. Instead, they made up about ten percent of the total. However, around 39 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.

According to Cognitive Market Research, the global Debt Settlement market size is USD 289.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 115.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 86.76 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 66.52 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 14.46 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 5.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The B2B Type held the highest Debt Settlement market revenue share in 2024

Market Dynamics of Debt Settlement Market

Key Drivers for Debt Settlement Market

Increased Consumer Debt to Increase the Demand Globally

Rising consumer debt tiers, influenced by factors that include scholar loans, clinical payments, and credit card utilization, make contributions to burgeoning customers for debt settlement companies. Mounting economic obligations stresses people, prompting them to search for comfort through debt agreement offerings. Student mortgage burdens, exacerbated with the aid of escalating lesson fees and clinical prices, frequently now not fully protected by using coverage, compound the debt crisis. Additionally, sizable credit card utilization amplifies patron indebtedness. These elements together pressure people to explore debt agreement alternatives, aiming to barter decreased payment arrangements with lenders. Consequently, the demand for debt agreement offerings surges amidst the backdrop of escalating purchaser debt, reflecting the profound effect of financial strain on households.

Greater Awareness of Debt Settlement Services to Propel Market Growth

Heightened advertising endeavors and monetary literacy tasks have fostered broader know-how of debt settlement offerings as a viable approach to debt control. With extra publicity for those options, customers are increasingly open to exploring alternatives beyond traditional debt compensation techniques. Enhanced recognition empowers people to recall debt agreements as a proactive technique to alleviate economic burdens. As they grow to be extra informed about the capacity blessings and implications, clients are much more likely to interact with debt agreement businesses to negotiate favorable phrases with lenders. This shift indicates a fundamental alternate in customer attitudes toward debt management, pushed via education and outreach efforts aimed toward promoting financial empowerment and resilience.

Restraint Factor for the Debt Settlement Market

Negative Impact on Credit Score to Limit the Sales

Debt agreement, even as providing alleviation from overwhelming monetary burdens, frequently involves an amazing drawback: a vast decline in the man or woman's credit score. By negotiating decreased repayment quantities with lenders, individuals efficiently acknowledge an incapacity to fulfill the initial debt duties as agreed upon. Consequently, credit score reporting groups interpret this as a hazard component, main to a downward adjustment within the person's credit rating. This faded score can critically prevent future financial endeavors, consisting of securing loans or traces of credit, as creditors normally view lower credit scores as indicative of heightened repayment danger. Thus, whilst debt settlement provides on-the-spot respite, its lasting impact on creditworthiness underscores the importance of cautiously weighing the trade-offs concerned in pursuing such answers.

Impact of Covid-19 on the Debt Settlement Market

The COVID-19 pandemic has profoundly impacted the debt settlement market, triggering a surge in demand as individuals grapple with financial hardships caused by job losses, reduced incomes, and economic instability [1]. Mounting debts, exacerbated by pandemic-related expenses and disruptions, have driven more people to seek ass...

Trouble variable summary.

PSND: by Conditioning Factor: Year-to-Date: Internal Methodological: Internal Net Debt: Federal Government: Credit with Official Financial Institutions: Credit with Brazil Development Bank - BNDES data was reported at -400.155 BRL mn in Apr 2019. This records a decrease from the previous number of -143.131 BRL mn for Mar 2019. PSND: by Conditioning Factor: Year-to-Date: Internal Methodological: Internal Net Debt: Federal Government: Credit with Official Financial Institutions: Credit with Brazil Development Bank - BNDES data is updated monthly, averaging -35.683 BRL mn from Jan 2009 (Median) to Apr 2019, with 124 observations. The data reached an all-time high of 3,937.778 BRL mn in Oct 2016 and a record low of -15,008.232 BRL mn in Sep 2015. PSND: by Conditioning Factor: Year-to-Date: Internal Methodological: Internal Net Debt: Federal Government: Credit with Official Financial Institutions: Credit with Brazil Development Bank - BNDES data remains active status in CEIC and is reported by Central Bank of Brazil. The data is categorized under Brazil Premium Database’s Government and Public Finance – Table BR.FB019: Public Sector Net Debt: by Conditioning Factor: Asset and Methodological Adjustments: Year-to-Date. Banco Nacional de Desenvolvimento Economico e Social (BNDES)

Brazil PSND: by Conditioning Factor: PSBR: Nominal Interest: Internal Net Debt: Federal Government: Other Federal Government Credit data was reported at -336.395 BRL mn in Apr 2019. This records an increase from the previous number of -535.763 BRL mn for Mar 2019. Brazil PSND: by Conditioning Factor: PSBR: Nominal Interest: Internal Net Debt: Federal Government: Other Federal Government Credit data is updated monthly, averaging -299.793 BRL mn from Dec 2001 (Median) to Apr 2019, with 209 observations. The data reached an all-time high of 215.466 BRL mn in Dec 2018 and a record low of -1,555.840 BRL mn in Dec 2002. Brazil PSND: by Conditioning Factor: PSBR: Nominal Interest: Internal Net Debt: Federal Government: Other Federal Government Credit data remains active status in CEIC and is reported by Central Bank of Brazil. The data is categorized under Brazil Premium Database’s Government and Public Finance – Table BR.FB016: Public Sector Net Debt: by Conditioning Factor: Public Sector Borrowing Requirements.

United States US: Net External Debt: Deposit Taking Corporations excl Central Bank: Long Term: Trade Credit and Advances data was reported at 0.000 USD mn in Dec 2016. This stayed constant from the previous number of 0.000 USD mn for Sep 2016. United States US: Net External Debt: Deposit Taking Corporations excl Central Bank: Long Term: Trade Credit and Advances data is updated quarterly, averaging 0.000 USD mn from Jun 2015 (Median) to Dec 2016, with 7 observations. United States US: Net External Debt: Deposit Taking Corporations excl Central Bank: Long Term: Trade Credit and Advances data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s USA – Table US.World Bank: QEDS: Net External Debt.

United States US: Gross External Debt: Other Sectors: Long Term: Trade Credit and Advances data was reported at 47.010 USD bn in Mar 2018. This records an increase from the previous number of 43.899 USD bn for Dec 2017. United States US: Gross External Debt: Other Sectors: Long Term: Trade Credit and Advances data is updated quarterly, averaging 1.418 USD bn from Jun 2003 (Median) to Mar 2018, with 60 observations. The data reached an all-time high of 47.010 USD bn in Mar 2018 and a record low of 421.000 USD mn in Jun 2013. United States US: Gross External Debt: Other Sectors: Long Term: Trade Credit and Advances data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s USA – Table US.World Bank: QEDS: Gross External Debt: by Sector and Instrument.

AFCC Debt Settlement operates in a substantial and rapidly growing market for debt settlement services. The global debt settlement market, valued at USD 388.4 million in 2025, is projected to reach USD XX billion by 2033, registering a CAGR of XX% during the forecast period. This growth is driven by increasing consumer debt levels, rising interest rates, and the proliferation of financial products. The market is segmented based on type (credit card loan, medical loan, private student loan, others), application (open-end loan, closed-end loan), and region (North America, South America, Europe, Middle East & Africa, Asia Pacific). Key industry players include Freedom Debt Relief, Rescue One Financial, National Debt Relief, ClearOne Advantage, and Century Support Services. Several factors contribute to the market's growth. Consumers are facing higher levels of debt due to factors such as job loss, medical expenses, and overspending. At the same time, interest rates are rising, making it more expensive for consumers to repay their debts. This has led to an increased demand for debt settlement services, which can help consumers reduce their debt burden and improve their financial health. Additionally, the increasing availability of financial products, such as credit cards and personal loans, has contributed to the growth of the market. These products can be helpful when used responsibly, but they can also lead to excessive debt if not managed properly. As a result, the demand for debt settlement services is expected to remain strong in the years to come.

In 2023, the credit market debt of households in the United States amounted to nearly 20 trillion U.S. dollars. Those figures measure the liability level of the credit market instruments of and nonprofit organizations, which, overall, have increased considerably during the past decade.

PSND: by Conditioning Factor: Year-to-Date: Internal Methodological: Internal Net Debt: Federal Government: Credit with Official Financial Institutions在2019-04达-400.155 BRL mn，相较于2019-03的-143.131 BRL mn有所下降。PSND: by Conditioning Factor: Year-to-Date: Internal Methodological: Internal Net Debt: Federal Government: Credit with Official Financial Institutions数据按月度更新，2007-06至2019-04期间平均值为0.000 BRL mn，共143份观测结果。该数据的历史最高值出现于2016-10，达3,937.778 BRL mn，而历史最低值则出现于2015-09，为-15,008.232 BRL mn。CEIC提供的PSND: by Conditioning Factor: Year-to-Date: Internal Methodological: Internal Net Debt: Federal Government: Credit with Official Financial Institutions数据处于定期更新的状态，数据来源于Central Bank of Brazil，数据归类于Brazil Premium Database的Government and Public Finance – Table BR.FB019: Public Sector Net Debt: by Conditioning Factor: Asset and Methodological Adjustments: Year-to-Date。