MIAMI—U.S. consumers added $21 billion in credit card debt during the third quarter of 2024, bringing cardholders’ total balance to roughly $1.29 trillion, WalletHub reported, citing its Credit Card Debt Study.
That was 31% less than consumers added in Q3 2023, after adjusting for inflation, WalletHub said.
Highlights from the study:
- Debt Is Well Below the Peak: The inflation-adjusted $1.29 trillion is 13% below the record high.
- Early Q4 Results: “Preliminary data for October 2024 shows a new record high for credit card debt in the month, in absolute terms. But when you adjust for inflation, there was just a 3% increase in credit card debt compared to the same month last year—and no new record,” WalletHub said.
- Household Debt Has Some Breathing Room: The average household credit card balance as of Q3 2024 was around $10,757 after adjusting for inflation. That’s $1,960 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.
“We are still in fairly dangerous territory. A blockbuster holiday shopping season coupled with some negative economic data could spell big trouble for consumers,” WalletHub Editor John Kiernan noted.