By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. Data source: Federal Reserve Bank of New York (2020).Data source: Federal Reserve Bank of New York. Interest can start to build when people carry balances on their credit cards, making debt situations even worse. In the middle are African American families at 47.8% and "other" or "multiple-race" Americans at 44.1%.Despite having the lowest percentage of cardholders who carry a balance, white, non-Hispanic families had the highest average credit card debt at $6,500, followed by other/multiple-race families at $5,700, and African American and Hispanic/Latino families at $3,800.When it comes to credit card usage by race, non-Hispanic whites are at the bottom of the range, with 42.1% of families carrying a balance, shows Federal Reserve Board data. And the average FICO score for people with credit cards in 2019 was 727—which is considered very good. Hispanic and Latino families are at the top of the range at 49.6%. Consumers in Their 20s. Hispanic and Latino families are at the top of the range at 49.6%. These are often a cause for people to pull out the credit card, especially if they aren't prepared with an emergency savings account. 2017: $5,884 average credit card debt. States With the Most and Least Average Credit Card Debt Is the Coronavirus Pandemic the Right Time to Get a New Credit Card?Average Credit Card Interest Rate Holds Steady at 20.21%The Three Easy Steps to Calculating Your Credit Utilization RatioCredit Card Paid Off?

Are millennials borrowing as much as we think they are?We looked at the best and most recent data from government and institutional sources -- including the Federal Reserve, the Consumer Financial Protection Bureau, and Experian -- to answer your most pressing questions on credit card debt.According to Experian, the average credit card balance in the United States reached $6,194 in the second quarter of 2019, the most recent period for which data is available.However, the average doesn't tell the whole story. How do debt figures break down by age?

The average credit card debt. The average amount of credit card debt that people have can vary based on location.

Average credit card debt statistics you should not ignore: The average credit card debt is $6,028. That's 95 million more credit cards than they had in 2015.According to the New York Federal Reserve Consumer Credit Panel and Equifax data, Americans have a total of $3.93 trillion in credit limits as of the first quarter of 2020.As mentioned in the last section, there is a total of $893 billion in credit card debt in the United States, which translates to approximately 23% of the total credit limit.Over the 10-year period ending April 2019, the number of credit cards originated per month climbed from 3.68 million to 5.89 million, according to the Consumer Financial Protection Bureau (CFPB).The number of new credit cards originated peaked in July 2016 at 6.86 million.The volume of new credit cards originated varies considerably by state.

The highest credit card balances are carried by consumers with credit scores in the 670–739 range, which is typically considered to be average credit. Minnesota, Rhode Island, Wyoming, and Delaware all had year-over-year origination volume increases of 25% or more, while Utah, Tennessee, and Vermont had originations fall by 25% or greater as of April 2019.The average American could save $88 per month if their credit card company agrees to waive interest on their credit card debt, according to 6.1% of Americans planned to use their stimulus check money for the specific purpose of paying off credit card debt.Approximately 9.1% of all credit card balances in the United States were 90 days or more delinquent as of the first quarter of 2020.The lowest recorded credit card delinquency rate was 7.1% in the third quarter of 2016 and the highest was 13.7% in the second quarter of 2010 in the wake of the Great Recession.If we just consider accounts that are assessed interest, the average interest rate is 15.78%, according to the Federal Reserve.Credit card interest rates are directly tied to the federal funds rate, so they have fallen since the COVID-19 pandemic hit.COVID-19 Fraud Statistics: $124 Million in Losses and CountingGender Pay Gap Statistics for 2020: Improvement, But No Solution

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