Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
New data released by TransUnion this week indicates that the average credit card borrower now carries a balance over $6,000.The data shows there are 170.1 million Americans carrying a credit card balance, as of the second quarter of 2024. In the second quarter of 2024, they carried an average balance of $6,329, which marks about a 5% increase from the year before.In 2021, the average debt per borrower was $4,828.
You will need to carry fewer debit, credit cards with new features from Visa“A more pronounced divergence appears to be occurring when it comes to how different consumer segments are faring in this economic environment, and in particular, how they are using their credit cards,' said TransUnion Senior Vice President Paul Siegfried in a statement.
Americans owing record credit card debt are carrying debt for longerDespite there being fewer credit cards being issued in 2024, those with super prime credit scores – generally above 720 – have been opening more accounts than in past years.Is credit card data an indicator of a falling economyIf the recession of 2008-09 is any indicator, credit card data can be an indicator of the health of the U.S. economy.
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