The Average credit card debt in us

  • Posted on: 21 Dec 2022

  • The average American carries $5010 in credit card debt as of early 2022, according to TransUnion®. Alaskans have the highest balance per person with a whopping total amount that is close enough for their all-time high at 7758 dollars!

    Americans turned to credit cards during the COVID-19 pandemic in 2020. The U S Bureau of Labor Statistics reported that unemployment reached a record high of over 14% (the only time it was higher than this), with many businesses closing down and people becoming desperate for any way they could find financial help.

    The average American credit card debt in 2020 was $5,315 according to Experian®, and it had decreased by nearly 6% at the start of 2022. This is great news for people who are looking forward to their economic future with optimism because this signifies that things may be on track again after what seemed like an endless recession period!

    The average credit card debt in America has reached new heights, and it's not just the younger generations who are struggling to pay off their debts. What can you do? See our latest data on state-by-state averages for this issue as well as demographics such as age or income levels of residents within each area! You'll also learn about how these numbers may affect your future financial stability - both now AND later down life’s road (longer term).

    Top 10 states with the least credit card debt

    The 2021s have been a tough time for states with high levels of debt. By 2022, many were struggling to keep up as their credit scores dropped and more people defaulted on loans or never paid off what they owed in the first place! The data shows Alabama had one of the biggest decreases at 2%.

    The average credit card debt by the state has been calculated to be $7000, with some people in America carrying mortgage-sized payments. The highest levels are found mostly on the east coast and around the Washington Dc area where it's almost 40% higher than other places throughout the country!

    No State Average credit card debt
    1 Mississippi $5,041
    2 Kentucky $5,234
    3 Wisconsin $5,341
    4 Indiana $5,353
    5 Arkansas $5,377
    6 Alabama $5,440
    7 Idaho $5,455
    8 West Virginia $5,464
    9 Iowa $5,496
    10 Michigan $5,547

    How to get out of credit card debt?

    The average credit card debt in the U.S., though going down, is still high for some people and can be an obstacle when trying to improve your score or get out of this financial hole that you're digging yourself into with too much spending on plastic!

    If it sounds like something might apply here to you then We have three simple strategies:

    1) pay off all balances every month;

    2 )don't use up emergency funds just because there are bills due soon; and

    3), possible to avoid opening new lines as they add more expenses without offering any added benefits (like higher rewards programs)?

    Call on (888) 803-7889 to know more about your credit score now!