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.

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks (CCLACBW027SBOG) from 2000-06-28 to 2025-10-08 about revolving, credit cards, loans, consumer, banks, depository institutions, and USA.

Debt Balance Credit Cards in the United States increased to 1.21 Trillion USD in the second quarter of 2025 from 1.18 Trillion USD in the first quarter of 2025. This dataset includes a chart with historical data for the United States Debt Balance Credit Cards.

Graph and download economic data for Large Bank Consumer Credit Card Balances: Total Balances (RCCCBBALTOT) from Q3 2012 to Q2 2025 about FR Y-14M, credit cards, consumer credit, large, balance, loans, consumer, banks, depository institutions, and USA.

In 2024, the value of outstanding credit card balances in Japan amounted to around **** trillion Japanese yen. The value increased by **** percent year on year. Credit cards have been the leading cashless payment method in Japan over the past decade.

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.

This statistic presents the credit card debt outstanding in the United States from 2000 to 2010 and a forecast thereof for 2018, by credit card type. The credit card debt outstanding on Visa credit cards amounted to approximately *** billion U.S. dollars in 2010 and it was projected to increase to *** billion U.S. dollars in 2018.

Graph and download economic data for Total Consumer Credit Owned and Securitized (TOTALSL) from Jan 1943 to Aug 2025 about securitized, owned, consumer credit, loans, consumer, and USA.

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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 esse

Aggregate household debt represents all outstanding credit market debt held by consumers, including credit card debt, mortgages, personal loans and more. Data is sourced from the Federal Reserve Bank of St. Louis and is presented in chained 2017 dollars.

Serbia Lending Rate: Weighted Avg: OA: NF: RC: Credit Card Debt data was reported at 9.090 % pa in Jun 2018. This stayed constant from the previous number of 9.090 % pa for May 2018. Serbia Lending Rate: Weighted Avg: OA: NF: RC: Credit Card Debt data is updated monthly, averaging 14.090 % pa from Sep 2010 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 23.750 % pa in Oct 2010 and a record low of 8.560 % pa in Mar 2018. Serbia Lending Rate: Weighted Avg: OA: NF: RC: Credit Card Debt data remains active status in CEIC and is reported by National Bank of Serbia. The data is categorized under Global Database’s Serbia – Table RS.M005: Lending Rate: Weighted Average: Outstanding Amounts.

Graph and download economic data for Revolving Consumer Credit Owned and Securitized (REVOLSL) from Jan 1968 to Aug 2025 about revolving, securitized, owned, consumer credit, loans, consumer, and USA.

This report analyses the ratio of credit card debt to discretionary income. Credit card debt covers all personal advances on credit and charge cards, both interest-bearing and non-interest bearing, that are outstanding. Discretionary income is the amount of income remaining after deducting necessary household expenses and can be used to repay debt. The data for this report is sourced from the Reserve Bank of New Zealand (Te Putea Matua) and Statistics New Zealand (Tatauranga Aotearoa). The data is presented as credit card debt as a percentage of discretionary income for each financial year.

Graph and download economic data for Delinquency Rate on Credit Card Loans, All Commercial Banks (DRCCLACBS) from Q1 1991 to Q2 2025 about credit cards, delinquencies, commercial, loans, banks, depository institutions, rate, and USA.

As of late October 2024, most of the outstanding consumer lending in the United Kingdom (UK) were overdrafts, as well as loans and advances other than credit cards. Consumer credit peaked in February 2020, but dropped sharply two months later before slowly starting to recover again. The category other, which includes overdrafts and other loans and advances made up most of the outstanding credit. Meanwhile, credit cards amounted to approximately a third of the outstanding consumer loans. Nevertheless, credit cards made up most of the new monthly consumer lending in the UK. A likely reason for this discrepancy is that credit card debt tends to be paid in a shorter term than other types of credit.

Serbia Lending Rate: Weighted Avg: OA: HN: RC: Credit Card Debt data was reported at 21.420 % pa in Jun 2018. This records an increase from the previous number of 21.080 % pa for May 2018. Serbia Lending Rate: Weighted Avg: OA: HN: RC: Credit Card Debt data is updated monthly, averaging 22.810 % pa from Sep 2010 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 26.410 % pa in Nov 2010 and a record low of 20.100 % pa in Apr 2018. Serbia Lending Rate: Weighted Avg: OA: HN: RC: Credit Card Debt data remains active status in CEIC and is reported by National Bank of Serbia. The data is categorized under Global Database’s Serbia – Table RS.M005: Lending Rate: Weighted Average: Outstanding Amounts.

View monthly updates and historical trends for US Total Consumer Credit Outstanding. from United States. Source: Federal Reserve. Track economic data with…

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q2 2025 about disposable, payments, personal income, debt, percent, households, personal, services, income, and USA.

Key information about Japan Household Debt

• Japan Household Debt reached 2,739.5 USD bn in Sep 2024, compared with the reported number of 2,437.8 USD bn in the previous quarter
• Japan Household Debt: USD mn data is updated quarterly, available from Dec 1997 to Sep 2024
• The data reached an all-time high of 4,064.6 USD bn in Mar 2000 and a record low of 2,437.8 USD bn in Jun 2024

• In the latest reports, Japan Household Debt accounted for 65.1 % of the country's Nominal GDP in Sep 2024
• Money Supply M2 in Japan increased 11,049.4 USD bn YoY in Sep 2024
• Japan Foreign Exchange Reserves was measured at 1,099.1 USD bn in Nov 2024
• The Foreign Exchange Reserves equaled 18.2 Months of Import in Nov 2024
• Japan Domestic Credit reached 12,785.0 USD bn in Sep 2024, representing an increased of 1.5 % YoY

View monthly updates and historical trends for US Total Revolving Credit Outstanding. from United States. Source: Federal Reserve. Track economic data wit…