How Many Americans Have Credit Card Debt in 2022?

Last Updated: September 22, 2022
Find out how many Americans have credit card debt and how to ditch that problematic monthly card due. 
How Many American Have Credit Card Debt
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Quick Answer 🔍

How many Americans have credit card debt in 2022?

120 million people in the United States have credit card debt.

Let’s find out how many Americans have credit card debt in 2022.

It’s not only you.

Credit card debt is a huge source of stress for many people.

Today, millions of people from the world’s biggest economy have immediate access to credit.

Thus, explaining the billions and trillions of debt that collectively pile up in the United States year after year. 

Don’t worry, there is a way to get yourself out of the credit card debt labyrinth.

On the other hand, one has dedicate considerable time and effort to achieve a debt-free life.

Disclaimer: it does not happen overnight. But it is achievable!

How Many Americans Have Credit Card Debt in 2022?

Credit Card

To answer the question “how many Americans have credit debt in 2022?”, the data from creditcards.com claims 47% of all people in the United States have credit card debt.

This translates to 120 million people holding a liability to their card providers.

3.8 Credit Cards per Person

An average American holds 3.8 credit cards per person, with a cumulative debt of between $4,000 to $6,600.

The median debt threshold per member of the population varies significantly depending on one’s location, age, and net worth, among others.

The US Has the Highest Average Credit Card Debt per Person in 2020

In 2020, the United States hit the highest credit card debt level among the world’s ten biggest economies, with citizens’ liabilities averaging $5,331 during the year.

US Annual Credit Card Debt Over the Years

Credit card debt progressed along with the economic expansion of the United States. American Express introduced the first plastic credit card to the market in 1959.

But it was not until the mid-1960s to early 1970s that the American public became fully drawn to the technology.

Since then, the country recorded an increase in annual credit card debt year after year.

Take a look at the list below detailing the US credit card debt situation from 2009 to the present.

  • 2009 – the annual credit card debt in the United States stood at $701 billion during the year
  • 2010 – the annual credit card debt in the United States declined to $605 billion during the year
  • 2011 – the annual credit card debt in the United States further decreased to $559 billion during the year
  • 2012 – the annual credit card debt in the United States climbed slightly to $589 billion during the year
  • 2013 – the annual credit card debt in the United States stood at $593 billion during the year
  • 2014 – the annual credit card debt in the United States hit back to the $600 billion level and settled at $614 billion during the year
  • 2015 – the annual credit card debt in the United States stood at $632 billion during the year
  • 2016 – the annual credit card debt in the United States maintained upward momentum and ended at year at $680 billion
  • 2017 – during the year, the US annual credit card debt reverted to $700 billion and ended the year standing at $735 billion
  • 2018 – it further increased the following year to $783 billion
  • 2019 – the annual credit card debt in the United States climbed to a record high of $930 billion during the fourth quarter of 2019, just before the pandemic curbed consumer spending and debt

The US Credit Card Debt During the Pandemic

  • 2020 – during the first quarter of 2020, the country’s credit card debt fell to $893 million
  • 2021 – the annual credit card debt in the United States fell to $770 billion during the year
  • Q1 2022 – in the first quarter of this year, US credit card debt bounced to $841 billion

Average Credit Card Debt in the United States per Age Group

Figures show that the average credit card debt in the United States increase as age progresses.

This means people belonging to an older age group accumulate more debt compared to younger members of the population.

  • 35 years old and younger – 48% of Americans belonging to this age group have an outstanding credit card debt which averages $3,700 per person
  • 35 to 44 years old – 51% of Americans belonging to this age group have an outstanding credit card debt which averages $6,000 per person
  • 45 to 54 years old – 52% of Americans belonging to this age group have an outstanding credit card debt which averages $7,700 per person
  • 55 to 64 years old – 47% of Americans belonging to this age group have an outstanding credit card debt which averages $6,900 per person
  • 65 to 74 years old – 41% of Americans belonging to this age group have an outstanding credit card debt which averages $7,000 per person
  • 75 years old and older – 28% of Americans belonging to this age group have an outstanding credit card debt which averages $8,100 per person

US States with the Highest Credit Card Debt

Here are the top five US states which recorded the highest credit card debts in 2022.

  • Alaska – the average credit card debt in the state stands at $7,089
  • District of Colombia – the average credit card debt in the state stands at $6,367
  • Connecticut – the average credit card debt in the state stands at $6,237
  • Hawaii – the average credit card debt in the state stands at $6,197
  • Virginia – the average credit card debt in the state stands at $6,189

How to Settle Your Credit Card Debt?

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Credits: unsplash.com

Of the long list of problems you face every month, credit card debt is the one you want to ditch the most–but often can’t.

Good news for you, there is a solution to this recurring problem. First, prioritize paying off your debt above all.

Mindset is everything, and conditioning your brain to cross off that card arrear before splurging for your wants is an important step to getting ahead of this tough enemy.

Second, scan through all your payables and target the high-interest debt first.

This is what experts call “The Avalance Method” since it involves facing the elephant in the room before anything else.

Third, target to pay more than the minimum requirement. This way, you will complete your dues before the deadline while paying lesser interest overall.

Lastly, never get another credit card to pay for an outstanding debt.

Getting another liability to pay off another is just a bandaid solution, and this just leads to a hopeless loop of debt in the long run. 

Conclusion

537 million credit cards are in circulation in the United States, and a significant percentage of this total has outstanding arrears.

There is no denying that credit cards are inventions that made purchasing relatively easier.

On the other hand, it also led to the rise of a debt culture which sometimes leads to one’s permanent financial demise.

The best way to keep your balance sheet sound every month is to keep track of your spending habits.

Make it a habit to remind yourself that if you can’t pay something in cash today, it’s best to keep it for later instead of swiping it on a card that accumulates interest over time.

Sources

BankrateMoney GeekAsk Traders
CNBCYahooFool
ForbesShift ProcessingFool
Bank RateBank of America

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Written by Jason Wise

Hi! I’m Jason. I tend to gravitate towards business and technology topics, with a deep interest in social media, privacy and crypto. I enjoy testing and reviewing products, so you’ll see a lot of that from me here on EarthWeb.