MIAMI—Consumers added $36 billion in debt during the second quarter of 2024 – around 17% less than last year, WalletHub’s new Credit Card Debt Study shows.
Key Findings
Among the findings:
- Debt Is Far Below the Peak: Total credit card debt is roughly $1.28 trillion after the Q2 increase, which is around 13% below the inflation-adjusted peak from December 2008
- Household Debt Shows Breathing Room: The average household credit card balance as of Q2 2024 is around $10,680 after adjusting for inflation. That’s $1,991 below the peak from Q4 2007, WalletHub reported.
- Interest Rates Remain High for Now: The average credit card interest rate is 22.76%, which is just shy of a record high
- Early Q3 Results: Preliminary data for July shows a new record high for the month in absolute terms, but when you adjust for inflation, there was a 4% increase in credit card debt compared to the same month last year (and no new record), according to WalletHub.
- Best Balance Transfer Credit Cards: The best balance transfer credit cards currently offer 0% APRs for up to 21 months with no annual fee and low balance transfer fees
For additional details: Credit Card Debt Study.