U.S. Credit Card Debt Rises to Average of More Than $10,000 per Household

The average American household credit card balance as of the third quarter of 2024 was about $10,757 after adjusting for inflation, according to a new study. WalletHub writer & analyst Chip Lupo  said,“Nearly half of Americans still have debt from the holidays from last year,” said Lupo. “The fact that people are still paying off debt from last holiday season makes you wonder if they are going to fall into that trap again or are they cutting back because of last year’s debt?” With holiday spending in full swing, many Americans are expected to add to credit card debt before the end of the year.

• WalletHub's Credit Card Debt Study: This study found that the average American household had about $10,757 in credit card debt in the third quarter of 2024. This number is adjusted for inflation.  
• Other sources: Some sources report slightly different numbers, but the general trend is the same. For example, LendingTree's study shows an average closer to $9,000.

Sixty-eight percent of WalletHub respondents said Santa will be less generous this year because of inflation. And about a third said they’ll spend less on holiday shopping this year compared with 2023.