The Average Credit Card Balance In The U.S. Reaches 10-Year High

pile of credit cards
Adé Hennis
November 22, 2023

Household debt continues to increase in America, and credit card debt is one of the biggest contributors. From July to September, credit card debt balances reportedly exceeded $1 trillion.

The average credit card balance in America has reached $6,088, reaching a 10-year high and 15 percent higher than this time last year, according to recent data from the TransUnion credit bureau.

In a statement, TransUnion Senior Vice President Charlie Wise said: “Inflation has abated to a large extent in recent months, but its elevated levels in 2021 - 2022 have left overall prices sharply higher across a wide range of products and services – not just discretionary spend categories, but everyday items that consumers rely on. As a result, consumers have increasingly turned to their existing available credit lines.”

Wise also pointed out that it will be worth watching how these balances will be impacted in the future, especially since the student loan payment moratorium has ended.

As the holiday season approaches, consumers should be mindful of the higher-than-usual interest rates that their credit cards may have, especially if they have a high card balance.

We have a quick favor to ask:

PushBlack Finance is a nonprofit dedicated to raising up Black voices. We are a small team but we have an outsized impact:

  • We reach tens of millions of people with our BLACK FINANCIAL NEWS & ECONOMIC EMPOWERMENT STORIES every year.
  • We fight for ECONOMIC JUSTICE to protect our community.
  • We run VOTING CAMPAIGNS that reach over 10 million African-Americans across the country.

And as a nonprofit, we rely on small donations from subscribers like you.

With as little as $5 a month, you can help PushBlack raise up Black voices. It only takes a minute, so will you please ?

Share This Article: