What percentage of adults carry credit card debt?
What percentage of adults carry credit card debt?
Page Contents
- 1 What percentage of adults carry credit card debt?
- 2 What is the average credit card debt for adults aged 18 24?
- 3 Which is the state with the highest credit card debt?
- 4 How much credit card debt does the average Millennial have?
- 5 What’s the current amount of credit card debt in the US?
- 6 Who is least likely to have credit card debt?
Average credit card debt by age
| Median credit card debt | Percentage who carry debt | |
|---|---|---|
| 35-44 | $2,700 | 50.5% |
| 45-54 | $3,200 | 51.7% |
| 55-64 | $3,000 | 46.6% |
| 65-74 | $2,850 | 41.1% |
What is the average credit card debt for adults aged 18 24?
18—24 year olds = $9,593 The average debt for the “Gen Z” age group is $9,593, according to Experian. Student loans are the primary source of debt for this age group, followed by credit card debt.
How much does the average American have in credit card debt?
Not paying off the monthly balance is the reason that the average American household has $15,706 worth of credit card debt. The average individual owes $5,234 for the 3.8 cards (on average) he carries in his wallet.
Which is the state with the highest credit card debt?
Alaska has the highest credit card debt of any state, with consumers carrying an average of $7,726 in Q1 2019. Millennials in Alaska had an average of 2.6 credit card tradelines, or credit accounts, across which they carried an average of $5,637 in debt in Q1 2019, according to Experian data.
How much credit card debt does the average Millennial have?
On top of that, millennials appear to rack up debt with age. In Q1 2019, 23-year-old millennials had on average $2,288 in credit card debt while 38-year old millennials had on average $6,675 in credit card debt. 11 Experian: Men vs. Women: Who Wins the Credit Game?
What’s the average interest rate on a credit card?
Let’s say you have $4,293 in credit card debt, which is the national average among those who carry a balance, according to Experian. If your card charges the average APR, and you pay just the minimum each month (3%, which is roughly $129 to start), you’d stay in debt for about 15 years and put more than $3,800 toward interest.
What’s the current amount of credit card debt in the US?
Credit card balances carried from one month to the next hit $466.2 billion in December 2019, according to NerdWallet’s annual analysis of U.S. household debt. Credit card debt has increased more than 7% in the past year and almost 37% in the past five years. Some households are more likely to carry credit card balances than others.
On top of that, millennials appear to rack up debt with age. In Q1 2019, 23-year-old millennials had on average $2,288 in credit card debt while 38-year old millennials had on average $6,675 in credit card debt. 11 Experian: Men vs. Women: Who Wins the Credit Game?
Who is least likely to have credit card debt?
Millennials and individuals over 74 years old held the least credit card debt. These two groups are also among the least likely to have a credit card, which can serve as a potential explanation behind the trend we are seeing here. The greater the household income the higher the credit card debt.
Let’s say you have $4,293 in credit card debt, which is the national average among those who carry a balance, according to Experian. If your card charges the average APR, and you pay just the minimum each month (3%, which is roughly $129 to start), you’d stay in debt for about 15 years and put more than $3,800 toward interest.