(By Carleen Johnson at The Center Square)—The average American household credit card balance as of the third quarter of 2024 was about $10,757 after adjusting for inflation, according to a new study.
The personal-finance website WalletHub on Friday released its new Credit Card Debt Study, which found that consumers added $21 billion in debt during the third quarter of 2024.
Early results for the fourth quarter of the year show preliminary data for October at a new record high for credit card debt in the month, in absolute terms.
WalletHub editor John Kiernan wrote, “Even though that third-quarter increase was 31% smaller than last year’s and total debt is just 3% above where it was last year after adjusting for inflation, we are still in fairly dangerous territory,” said Kiernan.
WalletHub writer & analyst Chip Lupo responded via email to follow up questions from The Center Square.
Those early Q4 results showing record high credit card debt for October are alarming-do we know what’s driving that at all?
“The record-high credit card debt in October 2024 reflects a 3% year-over-year increase after inflation adjustments, driven by rising interest rates, holiday spending and lingering economic pressures. While Q3 debt growth slowed compared to 2023, total debt remains high at $1.29 trillion, signaling potential challenges ahead for consumers,” said Lupo.
MORE:
https://right.report/report-average-american-household-has-more-than-10000-in-credit-card-debt/