How much credit card debt does the average American have?

The average American consumer owes a little more than $5000 on credit cards. If you're also deep in debt, here's what you can do. read more

The good news is credit card debt and balances are much lower than they were several years ago. In 2007, the average card balance was $4,572, while in 2010 it was $4,538 and $4,410 in 2014, per Experian. According to Gallup, the average credit card debt was $3,848 in 2008, though it was $3,426 in 2006 — lower than 2014. read more

Revolvers carry credit card debt from one month to the next, paying interest on their average daily balance. In the NerdWallet survey, 61% of Americans who have ever owned a credit card said they have carried a balance from one month to the next, either currently or previously. read more

According to the Federal Reserve, the amount of revolving credit outstanding, which primarily reflects credit card debt, totaled $882.12 billion in November, up from $853.28 a year ago. That 3.3% growth outstripped the average American's income growth of 1.7% in the past year. read more