It’s amazing how many people have credit card debt, mostly because of crap they want now instead of saving for.
** Annual Breakdown of U.S. Credit Card Debt
Total U.S. credit card debt has increased substantially since bottoming out in Q1 2021, with notable year-over-year changes.
| Year | Total Credit Card Debt (approx.) | Annual Change | Key Trends |
|---|---|---|---|
| 2019 (Pre-Pandemic Peak) | $927 billion (Q4) | N/A | Reached a record high before the pandemic. |
| 2021 (Pandemic Low) | $770 billion (Q1) | N/A | Debt plunged due to stimulus, reduced spending, and early debt repayment. |
| 2022 | $913 billion | ~18.6% increase from 2021 low | Debt began a sharp incline as economic activity resumed. |
| 2023 | $1.071 trillion | 17.3% increase | Rapid growth continued, setting new records. |
| 2024 | $1.163 trillion | 8.6% increase | Growth slowed but remained high, driven by inflation and high APRs. |
| 2025 (Q3) | $1.233 trillion | ~5.75% increase (year-over-year from Q3 2024) | Balances continued to rise, although growth rate slowed in later quarters |