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.

According to a three-year survey, more than half of the respondents from Italy owned a credit card in 2021 although less than half actually used one. The difference between ownership and usage was roughly eight percentage points in 2021, a notable decrease from a difference of five percentage points in 2017. The report adds that women were more likely than men to own such a payment card in the European country. Gen Z - or the age group 15 to 24 years in this survey - was less likely to own a credit card than their older counterparts.

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.

Canada was one of three countries worldwide in 2021, where credit card ownership among consumers 15 years and up was over 70 percent. This according to a major survey held once every three years in over 140 different countries. The results highlight the major differences in how countries prefer to pay: In Europe, for instance, the Nordics, Luxembourg, and the United Kingdom are regarded as top credit card countries, whereas the Netherlands ranked significantly lower than all these countries.

Credit card usage

Cardholders use their credit cards for billions of purchase transactions per year. Some do this to avoid carrying cash around, while others carry out transactions. Many also use credit cards because they do not have to pay immediately. While this can help with monthly cash flow issues, it can also lead to credit card debt that can take years to pay off.

Regional differences in credit cards

Some counties have a culture of credit card usage. For example, the leading credit card companies in the United States have issued hundreds of millions of credit cards, more than the number of U.S. citizens. Other countries do not have the culture of non-cash transactions. Overcoming this requires both an investment in payment infrastructure and putting people in the habit of using cards instead of cash.

Total credit card debt in the UK grew by 0.8 billion British pounds between October and November 2023, now reaching a similar level of debt as seen in early 2017. The annual growth rate of credit card debt stayed about the same in August 2023, reaching eight percent when compared to August 2022. The growth rate in 2023 has been relatively consistently since May, which may potentially be attributed to growing interest rates and the cost of living crisis.

Denmark, the Netherlands, and Norway were among the European countries with most indebted households in 2023 and 2024. The debt of Dutch households amounted to 200 percent their disposable income in , as they had a ratio of over 180 percent in the second quarter of 2024. Meanwhile, Norwegian households' debt represented 233 percent of their income. However, households in most countries were less indebted, with that ratio amounting to 97 percent in the Euro area. Less indebtedness in Western and Northern Europe There were several European countries where household's debts outweighed their disposable income. Most of those countries were North or West European. However, the indebtedness ratio in Denmark has been decreasing during the past decade. As the debt of Danish households represented nearly 273 percent in the last quarter of 2014, which has fallen very significantly by 2024. Other countries with indebted households have been following similar trends. The households' debt-to-income ratio in the Netherlands has also fallen from over 275 percent in 2013 to 200 percent in 2024. Debt per adult in Europe In Europe, the value of debt per adult varies considerably from an average of around 10,000 U.S. dollars in Europe to a much higher level in certain countries such as Switzerland. Debts can be formed in a number of ways. The most common forms of debt include credit cards, medical debt, student loans, overdrafts, mortgages, automobile financing and personal loans.

This table shows the indicators of the macroeconomic scoreboard. Furthermore, some additional indicators are shown. To identify in a timely manner existing and potential imbalances and possible macroeconomic risks within the countries of the European Union in an early stage, the European Commission has drawn up a scoreboard with fourteen indicators. This scoreboard is part of the Macroeconomic Imbalance Procedure (MIP). This table contains quarterly and annual figures for both these fourteen indicators and nine additional indicators for the Netherlands. The fourteen indicators in the macroeconomic scoreboard are: - Current account balance as % of GDP, 3 year moving average - Net international investment position, % of GDP - Real effective exchange rate, % change on three years previously - Share of world exports, % change on five years previously - Nominal unit labour costs, % change on three years previously - Deflated house prices, % change on one year previously - Private sector credit flow as % of GDP - Private sector debt as % of GDP - Government debt as % of GDP - Unemployment rate, three year moving average - Total financial sector liabilities, % change on one year previously - Activity rate, % of total population aged 15-64, change in percentage points on three years previously - Long-term unemployment rate, % of active population aged 15-74, change in percentage points on three years previously - Youth unemployment rate, % of active population aged 15-24, change in percentage points on three years previously The additional indicators are: - Real effective exchange rate, index - Share of world exports, % - Nominal unit labour costs, index - Households credit flow as % of GDP - Non-financial corporations credit flow as % of GDP - Household debt as % of GDP - Non-financial corporations debt as % of GDP - Activity rate, % of total population aged 15-64 - Youth unemployment rate, % of active population aged 15-24 Data available from: first quarter of 2006. Status of the figures: Annual and quarterly data are provisional. Changes as of January 13th 2025: The figures for every indicator have been added for the third quarter of 2024. Additionally, Maastricht debt (EMU) has been revised from 2013 onwards due to an updated guideline for capitalised interest related to imputed European Financial Stability Facility (EFSF) loans. Furthermore, some indicator figures have been adjusted due to updated source data. Adjustment as of July 17th 2024: Data of the private sector’s credit flow and debt were not correct. They have been adjusted in this version. When will new figures be published? New data are published within 120 days after the end of each quarter. The first quarter may be revised in October, the second quarter in January. Quarterly data for the previous three quarters are adjusted along when the fourth quarter figures are published in April. This corresponds with the first estimate of the annual data for the previous year. The annual and quarterly data for the last three years are revised together with the publication of the first quarter in July.

Trinidad and Tobago TT: Public Credit Registry Coverage: % of Adults data was reported at 0.000 % in 2017. This stayed constant from the previous number of 0.000 % for 2016. Trinidad and Tobago TT: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 0.000 % from Dec 2005 (Median) to 2017, with 13 observations. Trinidad and Tobago TT: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Trinidad and Tobago – Table TT.World Bank.WDI: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

Egypt EG: Public Credit Registry Coverage: % of Adults data was reported at 7.800 % in 2017. This records an increase from the previous number of 7.100 % for 2016. Egypt EG: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 3.200 % from Dec 2004 (Median) to 2017, with 14 observations. The data reached an all-time high of 7.800 % in 2017 and a record low of 1.000 % in 2004. Egypt EG: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Egypt – Table EG.World Bank.WDI: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

Trinidad and Tobago TT: Private Credit Bureau Coverage: % of Adults data was reported at 75.500 % in 2017. This records an increase from the previous number of 72.300 % for 2016. Trinidad and Tobago TT: Private Credit Bureau Coverage: % of Adults data is updated yearly, averaging 46.000 % from Dec 2005 (Median) to 2017, with 13 observations. The data reached an all-time high of 75.500 % in 2017 and a record low of 31.500 % in 2006. Trinidad and Tobago TT: Private Credit Bureau Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Trinidad and Tobago – Table TT.World Bank.WDI: Businesses Registered Statistics. Private credit bureau coverage reports the number of individuals or firms listed by a private credit bureau with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

In the 3rd quarter of 2024, the debt of households in the United Kingdom amounted to 120 percent of their income. This indicator shows the average level of indebtedness of the the general population and their ability to repay their debts. The total value of household debt (total liabilities and loans to households) has increased annually since 2000. Debt to income ratio increased during the pandemic As we have seen here, households have been decreasing their indebtedness levels in the past years. However, the volume of new consumer lending actually soared between 2022 and 2024. Meanwhile, the growth rate of mortgages in the UK has remained lower these past years, but it has also shown an increase on amount of lending.

Indebtedness in Europe The household debt of many countries in Europe as a share of their disposable income in 2024 was over 100 percent. That was mostly the case for Northern and Western European countries, such as Norway, the Netherlands, and Denmark. Germany and Austria were some of the largest exceptions, as they were among the few countries in that part of Europe with households' debt representing less than 80 percent of hteir income.

Luxembourg LU: Public Credit Registry Coverage: % of Adults data was reported at 0.000 % in 2017. This stayed constant from the previous number of 0.000 % for 2016. Luxembourg LU: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 0.000 % from Dec 2006 (Median) to 2017, with 12 observations. The data reached an all-time high of 0.000 % in 2017 and a record low of 0.000 % in 2017. Luxembourg LU: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Luxembourg – Table LU.World Bank.WDI: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

Latvia LV: Public Credit Registry Coverage: % of Adults data was reported at 88.800 % in 2017. This records an increase from the previous number of 84.900 % for 2016. Latvia LV: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 58.450 % from Dec 2004 (Median) to 2017, with 14 observations. The data reached an all-time high of 88.800 % in 2017 and a record low of 0.600 % in 2004. Latvia LV: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Latvia – Table LV.World Bank.WDI: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

Serbia RS: Public Credit Registry Coverage: % of Adults data was reported at 0.000 % in 2017. This stayed constant from the previous number of 0.000 % for 2016. Serbia RS: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 0.000 % from Dec 2004 (Median) to 2017, with 14 observations. The data reached an all-time high of 0.100 % in 2007 and a record low of 0.000 % in 2017. Serbia RS: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Serbia – Table RS.World Bank.WDI: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

Slovakia SK: Public Credit Registry Coverage: % of Adults data was reported at 3.200 % in 2017. This records an increase from the previous number of 3.100 % for 2016. Slovakia SK: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 2.400 % from Dec 2004 (Median) to 2017, with 14 observations. The data reached an all-time high of 3.200 % in 2017 and a record low of 0.500 % in 2005. Slovakia SK: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Slovakia – Table SK.World Bank.WDI: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

Lebanon LB: Public Credit Registry Coverage: % of Adults data was reported at 22.900 % in 2017. This records an increase from the previous number of 22.000 % for 2016. Lebanon LB: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 12.650 % from Dec 2004 (Median) to 2017, with 14 observations. The data reached an all-time high of 23.900 % in 2015 and a record low of 3.100 % in 2004. Lebanon LB: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Lebanon – Table LB.World Bank: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.

In December 2024, the personal saving rate in the United States amounted to 3.8 percent. That was slightly lower figure than a year earlier. The personal saving rate is calculated as the ratio of personal savings to disposable personal income. Within the topic of personal savings in the U.S., there are different goals and reasons for saving. What are personal savings? Saving refers to strategies of accumulating capital for future use by either not spending a part of one’s income or cutting down on certain costs. Saved money may be preserved as cash, put on a deposit account, or invested in various financial instruments. Investing usually incorporates some level of risk which means that part of the invested money can be gone. An example of a relatively safe investment would be saving bonds, such as the debt securities issued by the U.S. Department of the Treasury. Saving trends in the U.S. and abroad Looking at the personal saving rate in the United States throughout the past decades, it can be observed that savings had been decreasing until the mid-2000s, and they increased after the 2008 financial crisis. Still, the largest savings rates were reached in 2020 and 2021. The reason for that increase in the savings rate that year might be related to the measures to contain the COVID-19 pandemic. The value of personal savings in the United Kingdom has also followed a similar trend. Although events like the COVID-19 pandemic may have affect many countries in a similar way, the ability to save, as well as the average savings as a share of personal income across countries can vary significantly depending on multiple factors affecting each territory.

Following the drastic increase directly after the COVID-19 pandemic, the delinquency rate started to gradually decline, falling to 3.37 percent in the second quarter of 2023. In the four quarters, the delinquency rate increased slightly, reaching 3.97 percent. That was significantly lower than the 8.22 percent during the onset of the COVID-19 pandemic in the second quarter of 2020 or the peak of 9.3 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 are eventually able to service their loan, though, as indicated by the markedly lower foreclosure rates. Total home mortgage debt in the U.S. stood at almost 13 trillion U.S. dollars in 2023. 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 26 percent around this time. These higher delinquency rates translate into higher foreclosure rates, which peaked at just under 15 percent of all subprime mortgages in 2011.

Mexico MX: Public Credit Registry Coverage: % of Adults data was reported at 0.000 % in 2018. This stayed constant from the previous number of 0.000 % for 2017. Mexico MX: Public Credit Registry Coverage: % of Adults data is updated yearly, averaging 0.000 % from Dec 2013 (Median) to 2018, with 6 observations. The data reached an all-time high of 0.000 % in 2018 and a record low of 0.000 % in 2018. Mexico MX: Public Credit Registry Coverage: % of Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Mexico – Table MX.World Bank.WDI: Businesses Registered Statistics. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; Unweighted average; Data are presented for the survey year instead of publication year.