The Average American Has How Much Credit Card Debt?

Despite getting ahead during the pandemic, approximately 46% of Americans now carry credit card debt, owing an average of $6,093.

Today’s interest rates could turn the convenience of credit cards into a financial headache. According to the Consumer Financial Protection Bureau, a person with a $5,000 credit card balance will likely pay an additional $1,000 in interest over the course of just one year.

A new study by Anytime Estimate surveyed 1,001 people to learn more about credit card usage, debt, and spending habits. Their findings reveal that credit card debt is not only concerning but incredibly prevalent.

Heavy Reliance on Credit Cards

Roughly 76% of Americans say they have had credit cards with a balance at some point during their lifetime. While many of them may not hold a balance now, Anytime Estimate found that 46% of Americans are currently in credit card debt.

The national average of $6,093 owed is not consistent across all age groups; rather there are marked generational differences.

The average baby boomer in credit card debt owes more than younger Americans, coming in with an average of $8,208 in debt, compared to $6,182 for millennials and $3,196 for those who are a part of Gen Z.

It’s also worth noting that millennials were four times more likely than baby boomers to report missing a payment in 2022.

While the data indicates that many people have carried credit card debt at one point or another, creating a plan to pay down your debt will help you achieve financial stability.

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