Oct. 12, 2022 — New data reveals that nearly half of Americans (46%) are in credit card debt, with the average debt being $6,093. The findings are based on a survey of 1,001 Americans by Anytime Estimate, a unit of Clever Real estate.
The numbers are even more important given a rising rate environment, meaning the cost of that debt is going to grow, and the potential for a recession. The survey found that even two-thirds of those without credit card debt (66%) worry current conditions could soon have them falling behind on card payments.
Among the findings:
- Of those in credit card debt, the average Baby Boomer ($8,208) owes more than the average Millennial ($6,182) and Gen Zer ($3,196).
- 76% of respondents have had credit card debt at some point in their lives.
- 1 in 8 Americans have missed a credit card payment in 2022.
- Millennials are four times more likely than Baby Boomers to report missing a payment in 2022 (13% vs. 3%).
- 35% of Americans have missed a credit card payment in the last five years.
- Half of Americans who have missed a credit card payment (50%) did so to afford basic living expenses, such as food, housing, or utilities.
- 80% of Americans with credit card debt are also in some other form of debt.
- Americans rank credit card debt as their most stressful form of debt — above medical debt, mortgage debt, and student loan debt.
- 27% of Americans don’t know their credit card interest rate, and 37% say they’ve opened a new credit card without prior research.
- About 1 in 3 Americans (31%) have had their credit card information stolen.
- The average credit card user spends $1,579 on their cards per month, with about 1 in 8 users (12%) spending over $5,000 per month.
- 1 in 3 Americans couldn’t cover a $2,000 emergency bill
The full analysis can be found here.