New data on credit card debt is scheduled to be released by the Federal Reserve on Friday afternoon, and the personal-finance website WalletHub is projecting an $85 billion annual increase on an inflation-adjusted basis. You can find highlights and commentary below, in advance of WalletHub’s updated Credit Card Debt Study, which will be released on Friday around 4 p.m. ET, shortly after the Fed data comes out.
- 2024 Was Better Than 2023: At $85 billion, the increase in credit card debt during 2024 was around 24% smaller than the increase in 2023.
- Debt Is 8% Below the Peak: Total credit card debt at the end of 2024 was roughly $1.36 trillion on an inflation-adjusted basis, or around 8% below the record high.
- Falling Behind on Payments: Consumers charged-off on roughly $60 billion in delinquent credit card debt during 2024 ($15 billion more than 2023).
- Household Debt Has Some Breathing Room: The average household credit card balance at the end of 2024 was around $11,339 after adjusting for inflation. That’s $1,458 below the record high.
- Best Balance Transfer Credit Cards: The best balance transfer credit cards currently offer 0% APRs for up to 21 months, with no annual fees and low balance transfer fees.
