Is your credit card balance higher or lower than average?
It’s hard to argue that Americans don’t have a credit card debt problem. By early 2020, total credit card balances in this country reached $893 billion, according to a study on credit card debt done by The Ascent.
While that number is high, it might not provide a completely accurate picture of the average person’s finances. Read on to see how you stack up against our statistics regarding the average American’s credit card spending.
The average American is $6,194 deep in credit card debt
As of mid-2019, the average American’s credit card balance is $6,194. That rather high balance is a number that’s been on the rise for years.
It’s important to note that a minority of consumers pull the average up with extremely high credit card balances. Most people fall below that average. About two-thirds have a credit card