About 82% of all US adults have at least one credit card, with the average about four credit cards per US consumer, according to Experian, and the average household has over $21,000 in credit card debt.
‘It’s a constant weight’: Americans struggle with record credit card debt As credit card debt reaches $1.17tn, people across the US are struggling to save and living check to check.
US credit card debt reached a record $1.17tn in the third quarter of 2024, growing from $770bn in the first quarter of 2021 and the share of active credit card holders making just minimum payments rose to 10.75%, the highest percentage ever in data going back to 2012.
A 53-year-old in Connecticut explained he had fallen into significant credit card debt after losing his small business due to the pandemic shutdowns, from barely ever using credit cards to maxing out several, even after finding a job, which was difficult at his age.
A 69-year-old retiree in Moody, Alabama, said she lived check to check on social security and has had no choice but to rely on credit card debt for food, bills and other living expenses.
