What is the Average Credit Card Debt in America in 2022?

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Shivangi Gupta
Shivangi Gupta
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Although Average credit card debt in America declined between 2021 to 2022 beginning, the typical borrower yet owed $5,668 at the beginning of 2022. Irrespective of age, race, income, and geography, the average credit card debt per person varies. MoneyGeek examined major credit card debt figures to learn more about the state of debt in the United States and the variables that contribute to it.

At the beginning of 2022, the typical credit card holder in the United States had $5,668 in credit card debt, up 1% from the $5,611 average in Q2 2021. Since the commencement of the COVID-19 outbreak, cardholders have paid off $106 billion in credit card debt.

You need to read this article step by step to know more about Average Credit Card Debt in America in detail and the simplest so that your other decision about seeking credit should be based on the right decision. 

Average Credit Card Debt by Age in America in 2022

What is the Average Credit Card Debt in America in 2022?

The average credit card debt in America is influenced by their location. According to an Experian report, Alaskans had the largest average credit card amount of $6,617 for each person. Connecticut ($6,040), Virginia ($5,992), New Jersey ($5,978), Maryland ($5,977), Texas ($5,848), Georgia ($5,693), District of Columbia ($5,671), Florida ($5,623), and Hawaii ($5,614) have been the regions with the next largest debts.

Also, read Best Credit Cards That Are Easy To Acquire In 2022

Iowa has the minimum average credit card debt in the country, at $4,289. Wisconsin ($4,376), Kentucky ($4,521), Idaho ($4,582), Mississippi ($4,587), South Dakota ($4,633), Indiana ($4,651), Vermont ($4,653), Maine ($4,676), and Oregon ($4,681) have been the regions with the smallest average credit card indebtedness.

State-wise Average Credit Card Debt 

StateAverage Credit Card Debt
Alabama$5,047
Alaska$6,617
Arizona$51,56
Arkansas$4,791  
California$5,120
Colorado$5,541
Connecticut$6,040
Delaware$5,462
District of Columbia$5,671
Florida$5,623

Income-wise Credit Card Debt in America

Average Credit Debit in America

MoneyGeek insurance company found that Average credit card debts in America and unpaid amount towards lenders differ from by family to family based on the reports generated by Federal Reserve’s Survey.

Credit card debt is usually higher in families with higher earnings. For example, families in the upper-income percentile in the 90th to 100th have an average credit card debt of $12,600. That’s more than three times the average debt in the low-income band. 

The average credit card debt ($3,800) was the smallest among those with the lowest total income percentile – much less than 20th.

Also, read Bad Credit Loans in California in 2022 | Put An End To Your Financial Worries

Average Credit Card Debt in America by Ethnicity and Race

Average Credit Debit in America

As per the Federal Reserve’s Survey of Consumer Finances, average credit card debt in America, especially those who happen to be white (non-Hispanics), has a median credit debt of $6,900. The average credit card debt for this category was the largest of any category polled.

Non-Hispanic black and African-American cardholders have very little credit card debt, by an average of $3,900/person.

During the same time, Hispanic and Latino cardholders have roughly a credit card debt of $5,500/person.

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All who were classified with an ethnicity other than those listed previously, or even as mixed races, had an average credit card debt of $6,300.

At 50%, Hispanics and Latino cards had the most significant percentage of people in debt. Individuals classified as other or many races had the lowest rate of debt, with 44 percent.

Wrapping Up

The epidemic is not over yet, nor is the economic toll it has taken on countless people in the United States.

It’s okay if you’re only able to keep your head above the water financially right at present. You may save several times to get your money back on track if you have more breathing room.

The steps are adjusting your budget, paying full in your credit card bill, and saving some amount for emergencies.

By doing so, I am sure one will manage the average credit card debt well below control.

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