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<\/fbs-accordion>Getty Images<\/small><\/figcaption><\/figure>\n After a brief waning, American credit card debt is on the rise again. If you\u2019re one of the many Americans carrying credit card debt and wondering what to do about it, this article will cover how you stack up against the averages. We\u2019ll also explore the societal circumstances that lead to this mass shared experience and how you might think about getting out of debt moving forward.<\/p>\n As of the third quarter of 2022, Americans hold $925 billion in credit card debt, which is a rise of $38 billion since Q2 2022. The Federal Reserve of New York says this is a 15% year-over-year rise \u2013 the biggest jump we\u2019ve seen in more than 20 years.<\/p>\n If we look at last year\u2019s Q3 data from Experian, we can see that the average credit card balance was $5,221 in 2021. If we add a 15% increase to that number, we see that the average credit card balance for Americans in Q3 2022 is somewhere around $6,004.<\/p>\n At the beginning of the pandemic, Americans proved that when they received stimulus money \u2013 whether it came via direct checks, tax credits, or SNAP benefits to compensate for closed school food programs \u2013 they\u2019d take that extra money and use it to better their financial health.<\/p>\n Between Q4 2019 and Q1 2021, credit card debt decreased from a starting point of about $930 billion down to $770 billion. This was also the time period when pandemic assistance programs were at their height, bringing more financial assistance to many American households.<\/p>\n American spending was down, as many Americans were careful about large crowds, travel, and other activities that could risk exposure to COVID-19.<\/p>\nKey takeaways<\/h2>\n
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How much credit card debt does the average American have?<\/h2>\n
How have credit card balances changed since the pandemic?<\/h2>\n