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2022 Credit Card Debt Statistics

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Americans have an absolute mountain of credit card debt in 2022.

But exactly how much credit card debt do they have?

That’s one of the big questions we’ll answer on this page, which is devoted to tracking Americans’ credit card use each month. We update it regularly, looking not just at how much debt people have, but also how often they carry a balance month to month, how often they pay their credit card bills late and more.

In this post

How much credit card debt do Americans have?

$804 billion.

That’s Americans’ total credit card balance, according to the latest consumer debt data from the Federal Reserve Bank of New York.

The latest Fed data shows that consumer credit card balances rose to $800 billion in the third quarter of 2021. That’s a $17 billion increase from $787 billion in the second quarter of 2021.

It is the second straight quarterly increase but only the third jump we’ve seen since the start of 2020.

Even with the increase, Americans’ credit card debt is well below the record set in the fourth quarter of 2019 when balances stood at $927 billion.

Credit card debt in America is still high by historical standards, however. It is also light years beyond the $478 billion that we saw 21 years ago in the first quarter of 1999.

Card debt showed hockey-stick growth until the financial collapse in 2008, when balances fell from $866 billion back in the fourth quarter of 2008 to $660 billion in the first quarter of 2013. But, as you can see in the chart below, the hockey stick returned.

Which states have the most credit card debt?

Credit cardholders in New Jersey have the highest average credit card debt of any state, according to LendingTree data, while those in Kentucky have the least.

LendingTree analysts reviewed anonymized January and February 2021 credit report data from more than a million My LendingTree users to calculate these averages and create our list of states with the most debt.

Overall, the national average card debt among cardholders with unpaid balances was $6,569. That includes debt from both bank cards and retail credit cards.

The four states with the most debt were all on the East Coast, while the three lowest were found in the Deep South. There was a major difference in balances between the states at the top and bottom of our state debt ranking, with New Jersey cardholders owing $7,872 and Kentucky’s owing $5,441. That means the average New Jersey balance is 45% higher than the average balance in Kentucky.

LendingTree also recently published reports that take a deep dive into average credit card debt by state for California, Texas, Florida and Washington, D.C. The reports include a statewide look at credit card balances, as well as a breakdown of card debt, utilization rates and other key data points in the 10 biggest metropolitan areas in those states. We’ll be launching similar reports on other states in the near future.

What percentage of credit card accounts carry a balance?

Americans carried a balance on 51% of all active credit card accounts in the second quarter of 2021, according to the most recent available data from the American Bankers Association.

Job No. 1 for anyone with a credit card is to pay that balance off in full at the end of each month. But we all know that life happens, and that means that it’s not always possible to pay off your credit cards each month.

Unfortunately, most people with an active credit card account don’t always pay their bills in full. More than half of all active accounts carried a balance in Q2 2021. The good news is that the percentage carrying a balance is falling. (In Q1, it was 54%.)

If you look at all credit card accounts, American Bankers Association data shows that 39% of accounts were active and carried a balance at some point in Q2 of 2021, 37% of accounts were active but didn’t carry a balance and 25% of accounts were dormant for the quarter.

What’s the average interest rate on people’s credit cards? What about those who carry a balance? What about new credit card offers?

For all credit cards, the average APR was 14.51% in the fourth quarter of 2021.

For cards that are accruing interest, the average in Q4 2021 was 16.44%.

For new credit card offers, the average today is 19.55%.

The average interest rate for current credit card accounts and new card offers
Average APR for new credit card offers 19.55%
Average APR for all current card accounts 14.51%
Average APR for all accounts that accrue interest 16.44%

Source: LendingTree data; the Federal Reserve

The Federal Reserve’s G.19 consumer credit report showed that the average APR for all current credit card accounts dipped in the fourth quarter, down from 14.54% in the third quarter of 2021. Meanwhile, APRs for cards that are accruing interest fell to 16.44%, significantly down from 17.13% in the third quarter. That third-quarter average was the second-highest average since the Fed began tracking it in 1994.

If you’re planning to get a new credit card, your interest rate will likely be higher than any of those listed above. The latest LendingTree data on credit card APRs shows that the average APR with a new credit card offer is 19.55%, with the average card offering an APR range of 15.89% to 23.21%, with your rate varying based on your creditworthiness.

And also as the chart below shows, the rate you are offered can also vary widely based on the type of card for which you apply.

Average interest rates on new credit card offers in the U.S. for January 2022

CategoryMin APRMax APRAvgPrev month
Average APR for all new card offers15.89%23.21%19.55%19.55%
0% balance transfer cards13.62%22.55%18.09%18.09%
No-annual-fee cards15.29%23.12%19.21%19.21%
Rewards cards15.50%23.05%19.28%19.28%
Cash back cards15.24%22.61%18.93%18.93%
Travel rewards cards15.41%23.52%19.47%19.47%
Airline credit cards15.99%24.26%20.13%20.13%
Hotel credit cards15.20%24.49%19.85%19.85%
Low interest credit cards12.91%22.08%17.50%17.50%
Grocery rewards cards15.09%23.45%19.27%19.27%
Gas rewards cards15.57%23.78%19.68%19.68%
Dining rewards cards15.30%23.54%19.42%19.42%
Student credit cards16.24%21.99%19.12%19.12%
Secured credit cards21.89%21.89%21.89%21.89%

Source: LendingTree review of publicly available terms and conditions for approximately 200 U.S. credit cards

Of course, your best move is to make those interest rates a moot point by paying your card debt in full, but that’s often easier said than done.

How many Americans are currently delinquent with their credit card payments?

Just 1.57% of credit card accounts are currently at least 30 days delinquent.

According to the most recent delinquency data from the Fed, the 30-day delinquency rate (or the number of folks who are currently at least 30 days late with their credit card payment) fell from 1.58% to 1.57% in the third quarter of 2021.

That’s the lowest number since tracking began back in 1991. The only other quarters in which the rate has been below 2% were the previous two quarters (1.85% in Q1 of 2021 and 1.58% in Q2 in 2021).

It is a huge difference from what we saw during the Great Recession, during which delinquencies peaked at nearly 7% in 2009.