February 16, 2021

What Is the Average U.S. Credit Card Debt by Income and Age?

By b4y4nk422

Credit card debt is high and getting higher, as Americans are growing laxer about accumulating credit card debt.

According to data from CreditDonkey.com, the average individual credit card debt stands at $5,331. Additionally, every month, most Americans don’t pay their credit card balance in full – 55% don’t regularly pay in full.

What Is the Average Credit Card Debt in the U.S?

Here’s a closer look at how credit card debt stacks up demographically (specifically in age and income) across the U.S. (data from Value Penguin’s Average Credit Card Debt in America).

Average Credit Card Debt by Age

First up is the average credit card debt by age. Notice how plastic-related debt starts low and moves up, and tops out, and 45 to 54 years. Those are peak earning years for credit card consumers, and they can better afford the higher level of debt.

Credit card debt then slows down as Americans shift into retirement mode, with average debt declining from $9,096 at ages 45 to 54 to $5,638 at age 75 and over. At that point, retired Americans are living in fixed income mode, and spend significantly less using their credit cards.