With the economy on shaky ground and the Fed’s latest G19 report now available, the personal-finance website WalletHub today released its new Credit Card Debt Study, which found that consumers added $74 billion in debt during 2024. Please be aware that the Federal Reserve recently made a methodology change that may lead some outlets to inaccurate conclusions. WalletHub’s report properly accounts for the Fed’s change.
-
2024 Was Better Than 2023: At $74 billion, the increase in credit card debt during 2024 was around 33% smaller than the increase in 2023.
-
Debt Is 9% Below the Peak: Total credit card debt at the end of 2024 was roughly $1.35 trillion on an inflation-adjusted basis, or around 9% below the record high.
-
Falling Behind on Payments: Consumers charged-off on roughly $59 billion in delinquent credit card debt during 2024 ($15 billion more than 2023).
-
Early Q1 Results: Preliminary data for January 2025 shows a 2% decrease in credit card debt vs. December 2024.
- Household Debt Has Some Breathing Room: The average household credit card balance at the end of 2024 was around $11,253 after adjusting for inflation. That’s $1,544 below the record high.
- Best Balance Transfer Credit Cards: The best balance transfer credit cards currently offer 0% APRs for up to 21 months, with no annual fees and low balance transfer fees.
See the complete findings of WalletHub’s Credit Card Debt Study.