Here’s Who’s Holding Credit Card Debt, And How Much

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.

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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.

The Findings

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.