Is Your Credit Card Bill Higher Than the US Average? Find Out If You’re Spending More

Core Insights - The average credit card balance in the U.S. has increased to $6,618, reflecting a 1.2% rise from the beginning of 2024, with total credit card debt reaching $1.21 trillion, a $27 billion increase from the start of the year and a $67 billion increase from the previous year [3][7]. Group 1: Credit Card Debt Trends - The overall trend shows rising credit card balances both per borrower and in total, indicating a growing financial burden on consumers [4][7]. - The average credit card interest rates are high, often around 20% or more, which exacerbates the debt situation for many borrowers [4][5]. Group 2: Debt Management Strategies - To manage credit card debt effectively, consumers are encouraged to limit spending, make extra payments, focus on high-interest debt first, and commit to reducing balances over time [7]. - Paying off the balance in full is recommended to avoid high interest charges and prevent debt accumulation [8].