Americans’ total credit card balance is $1.031 trillion in the second quarter of 2023, according to the latest consumer debt data from the Federal Reserve Bank of New York. This figure is double what it was in early 2000, roughly 23 years.
As of December 2022, the national average balance outstanding was $7,279 and in Illinois was $7,756.
56% of all credit cards carried a balance.
According to a 2022 Lending Tree survey, only 35% of people say they always pay their card off each month.
The average rate these balances are being charged is 20.68%. This percentage is rising and will likely continue to rise.
According to Experian, people have on average 3.84 credit cards
| Generation | Credit Card Balance |
| Silent (76+) | $3,177 |
| Baby Boomers (57-75) | $5,804 |
| Generation X (41-56) | $7,070 |
| Millenials (25-40) | $4,576 |
| Generation Z (18-24) | $2,282 |
Lending Tree article (Sep 18, 2023)
https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/