American Credit Card Debt Continues to Soar

Written By Melissa Cook
Feb 2, 2022
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Soaring American Credit Debt: Credit card debt is in dangerous territory. How dangerous? Let’s put it this way: Our total plastic balance is very near recession level.

America’s credit card tab currently stands at more than $15.24 trillion, according to the Federal Reserve Bank of New York’s latest U.S. household indebtedness report.

The new figure represents an increase of $268 billion, or 1.9 percent, in the third quarter of 2021. Still, credit card balances remain $123 billion lower than they had been at the end of 2019. At the individual level, the average American borrower today has a balance of $5,313 and owns 3.1 credit cards, according to Experian’s most recent State of Credit survey

The survey also highlights regional, generational and state-by-state average FICO scores. Washington D.C., for instance, saw the highest spike in FICO scores, with an increase of 10 points, whereas North Dakota had the lowest. Baby boomers, those born between 1946 and 1964, remain the most credit-active consumers with their generation having the highest number of credit reports on file.   

The Central Federal Reserve also tracks credit card debt but reports a different, higher pattern of growth. Consumers are not paying off their debt fast enough, allowing interest to accumulate and keep them in debt. The share of consumers who became 90 or more days delinquent on their outstanding credit card balances has also been rising since Q3 2016, according to the New York Fed. Check out our article about the consumer debt in US and inflation and credit card debt (what drives inflation?).

How to get out of credit card debt? If you are struggling with unsustainable credit card debt, it’s time to consider ways to mitigate the problem, potentially with a credit card debt loan. Americor offers a FREE debt analysis and consultation to evaluate your current financial situation. 

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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

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