U.S. markets close in 4 hours 21 minutes
  • S&P 500

    +17.05 (+0.37%)
  • Dow 30

    +179.84 (+0.51%)
  • Nasdaq

    +59.68 (+0.42%)
  • Russell 2000

    -0.53 (-0.03%)
  • Crude Oil

    +1.95 (+2.60%)
  • Gold

    +25.40 (+1.26%)
  • Silver

    +0.30 (+1.23%)

    +0.0035 (+0.32%)
  • 10-Yr Bond

    -0.0370 (-0.84%)

    +0.0060 (+0.48%)

    -1.1510 (-0.77%)
  • Bitcoin USD

    +805.02 (+2.18%)
  • CMC Crypto 200

    +15.19 (+1.99%)
  • FTSE 100

    -2.56 (-0.03%)
  • Nikkei 225

    -39.28 (-0.12%)

Jaw-Dropping Stats About the State of Debt in America

oatawa / Getty Images
oatawa / Getty Images

Most Americans have some credit card debt. A recent Clever Real Estate survey found that 3 in 5 Americans (61%) are in credit card debt, owing an average of $5,875. In addition, 23% say they go deeper into credit card debt every month and 14% say they’ve missed a payment in 2023.

Here’s a look at even more jaw-dropping stats about the state of credit card debt in America.

Student Loan Debt: 33 Remote Work Companies That Will Help You Pay Off Your Debt
Find Out: What To Do If You Owe Back Taxes to the IRS

Astarot / Getty Images/iStockphoto
Astarot / Getty Images/iStockphoto

28% of Americans Believe It Will Take 5 Years To Pay Off Their Credit Card Debt

Although 49% of Americans believe they will be able to pay off all of their credit card debt at some point in the next year, a good portion think it will take five years or longer. According to the Clever Real Estate survey, 28% believe they will be able to pay off their debt within five years, 11% believe they will be able to pay off their debt within 10 years and 6% believe they will never pay it off.

Check Out: 5 Ways To Elevate Your Finances Daily
More: 100 Passive Income Ideas To Help You Make Money After a Layoff

GeorgeRudy / Getty Images/iStockphoto
GeorgeRudy / Getty Images/iStockphoto

Nearly Half of Americans Need Credit Cards To Cover Essential Living Expenses

The survey found that 48% of Americans depend on credit cards to cover essential living expenses. This is more common among younger generations: 59% of millennials use credit cards for living expenses. Conversely, only 29% of boomers rely on credit cards to cover essential expenses.

I’m a Financial Advisor: Here Are 6 Things My Clients Don’t Like to Hear — and Why I Tell Them Anyway


Many Americans Have Missed at Least One Credit Card Payment

According to the survey, 43% of Americans have missed at least one credit card payment in the past five years. The most common reason for missing a payment was simply forgetting (36%), tied with paying for food and groceries (36%).

Sitthiphong / Getty Images/iStockphoto
Sitthiphong / Getty Images/iStockphoto

The Average American Spends $1,506 on Their Credit Card Each Month

Monthly credit card spending has now reached over $1,500 for the average American, but the average millennial is spending even more — $2,410 each month. About 43% of credit card users said they sometimes spend more money than they earn.

Prostock-Studio / Getty Images/iStockphoto
Prostock-Studio / Getty Images/iStockphoto

Most Americans Have Maxed Out Their Credit Card

Over half of Americans (53%) have reached their credit card limit at some point, and 29% admit that they max out their credit card every month.

Look: 9 Ways To Make $200 (or More) a Day Running Errands


40% of Americans Have Been in Credit Card Debt for More Than 5 Years

The survey found that 47% of Americans have not been debt-free since 2018 to 2022, 14% have not been debt-free since 2013 to 2017, 11% have not been debt-free since 2008 to 2012 and 15% haven’t been debt-free since before 2008.

This article originally appeared on Jaw-Dropping Stats About the State of Debt in America