MIAMI—Consumers added $30 billion in debt during the third quarter of 2023, which is 24% less than last year, according to WalletHub’s new Credit Card Debt Study.
The company’s analysis notes that in absolute terms, credit card debt is currently at a record high, at $1.2 trillion, but when adjusted for inflation, the current total is 15% below the 2008 record.
WalletHub is projecting U.S. consumers will end the year with $100 billion-plus in more credit card debt than they started with. For Q4, it is projecting a 6% increase in credit card debt compared to the same month last year.
Credit Card Debt at the Household Level
According to Wallethub, the average household’s credit card balance was $10,263 at the end of Q3 2023.
“Although it’s well below the record from 2007, the average balance would still produce more than $1,360 in interest charges if you carried it for a year at the average APR and made only minimum monthly payments,” the company said.
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