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.

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

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.

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-07-23 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

• 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 Large Bank Consumer Credit Card Balances: 30 or More Days Past Due Rates: Accounts Based (RCCCBACTDPD30P) from Q3 2012 to Q1 2025 about 30 days +, accounts, FR Y-14M, consumer credit, credit cards, large, balance, loans, consumer, banks, depository institutions, rate, and USA.

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.

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.

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.

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.

The credit card collection service market is estimated to reach $3802.4 million by 2033, exhibiting a CAGR of XX% during the forecast period 2025-2033 (historical period: 2019-2024). Key drivers for this growth include rising consumer debt levels, increasing use of credit cards, and stricter regulations on debt collection. The market is segmented by type (door-to-door collection, telephone collection), application (banks, other credit card issuers), and region (North America, Europe, Asia Pacific, Middle East & Africa, South America). North America is expected to hold the largest market share, while Asia Pacific is poised to register the highest CAGR. Prominent market players include KK Associates, Creditors Collection Service, Inc., Vital Solutions, Inc., AmSher, Holloway Credit Solutions, LLC, Credit & Collection Recovery Service, Inc, Merchants Adjustment Service, DiRecManagement, Inc, Armstrong and Associates, Fidelity Creditor Service, Inc, Optio Solutions LLC, Midland Credit Management, Nationwide Recovery Network Inc, Capital Collections, ARS National Services, AAA Credit Services, Commercial Trade Inc, Your Collection Solution LLC, Cooper Judgment Recovery, LLC, Global Debt Solutions Inc, Debt Collection, Huadao Data Processing (Suzhou) Co., Ltd, Shanghai Yinhua Yinhua Service Outsourcing Co., Ltd, Gaobai (China) Enterprise Management Consulting Co., Ltd, Beijing Huatuo Financial Service Outsourcing Co., Ltd, CBC (Beijing) Credit Management Co., Ltd, Shenzhen Wancheng United Investment Co., Ltd. Strategic initiatives undertaken by these players, such as mergers and acquisitions, partnerships, and new product launches, are expected to further shape the market landscape.

This statistic presents the distribution of credit card debt in the United States in 2019, by generation. In March 2019, ** percent of Millennials had not credit card debt at all, *** percentage point lower than the national rate.

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.

Key information about United States Total Debt: % of GDP

• United States Total Debt accounted for 722.0 % of the country's GDP in 2024, compared with the ratio of 722.0 % in the previous quarter.
• US Total Debt: % of GDP data is updated quarterly, available from Dec 1951 to Sep 2024.
• The data reached an all-time high of 834.9 % in Mar 2021 and a record low of 309.4 % in Jun 1953.

The global personal credit card market, valued at $1,404,430 million in 2025, is projected to experience robust growth, driven by a Compound Annual Growth Rate (CAGR) of 4.3% from 2025 to 2033. This expansion is fueled by several key factors. Increasing financial inclusion, particularly in developing economies, is broadening access to credit cards, leading to higher adoption rates among previously underserved populations. The shift towards digital payments and e-commerce further accelerates growth, as credit cards become increasingly convenient and preferred payment methods for online transactions. Moreover, innovative credit card products tailored to specific customer segments, such as those with limited credit usage or those requiring responsible debt management tools, are contributing to market expansion. Marketing strategies emphasizing rewards programs and travel benefits also significantly influence consumer adoption. However, the market faces certain restraints. Concerns surrounding high interest rates and potential debt accumulation can deter some consumers, particularly during economic uncertainty. Stringent regulatory frameworks aiming to protect consumers from predatory lending practices may also impact market growth. Furthermore, the rise of alternative financial technologies, such as buy-now-pay-later (BNPL) services, presents a competitive threat to traditional credit card providers. Nevertheless, the overall market outlook remains positive, given the continued expansion of the global economy, increasing consumer spending, and the ongoing evolution of credit card products and services. Strategic partnerships between financial institutions and fintech companies, focused on developing innovative credit scoring and risk management models, will be crucial for sustained market growth.

The global debt consolidation market, encompassing both consumer and corporate segments, is experiencing robust growth, driven by increasing personal and business debt levels coupled with rising interest rates. The consumer segment, dominated by credit card debt, student loans, and medical bills, is the larger of the two, fueled by readily available credit and often unpredictable financial emergencies. Several factors contribute to this growth. The rise of fintech companies offering streamlined debt consolidation solutions, combined with increased awareness of debt management strategies, is making it easier for individuals to consolidate their debts into more manageable payments. However, this segment also faces challenges, including stringent lending criteria and the potential for high fees associated with some consolidation programs. We estimate the consumer debt consolidation market size to be approximately $150 billion in 2025, growing at a compound annual growth rate (CAGR) of 8% through 2033. This growth is influenced by economic factors such as inflation and employment rates. The corporate debt consolidation market, while smaller than the consumer segment, exhibits significant potential for growth. Companies often utilize debt consolidation to simplify their financial structure, improve credit ratings, and lower overall borrowing costs. Larger corporations, in particular, benefit from the improved financial stability this provides, allowing them to pursue strategic initiatives and long-term investments with greater confidence. Factors like mergers and acquisitions, and the need to restructure existing debt obligations in response to market fluctuations, are key drivers. We project a 2025 market size of around $75 billion for corporate debt consolidation, with a CAGR of 7% over the forecast period. This relatively slower growth rate compared to the consumer segment reflects the more deliberate and strategic nature of corporate debt management decisions. The competitive landscape features both established financial institutions and innovative fintech players vying for market share in both sectors.

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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