Credit card debt statistics speak to the financial health of American households. They can also foreshadow over-borrowing bubbles, changes to lending standards, and other trends with the potential to impact our wallets.
Americans began 2019 owing more than $1 trillion in credit card debt. Although the forecast initially appeared brighter, thanks to consumers repaying $38.2 billion in credit card debt during Q1 2019, poor second-quarter results nearly erased that effort. U.S. consumers added $35.6 billion in new credit card debt during the second quarter of 2019 – the largest second-quarter build-up ever. As a result, WalletHub now projects a $70 billion net increase in consumer credit card debt for 2019 overall.
Below, you can learn more about the current credit card debt landscape, including which states owe the most and how that has changed, according to the latest data available from TransUnion and the Federal Reserve.
