Managing Credit and Debt

Fast Facts

• American household debt hit a record $16.9 trillion at the end of 2022, up $2.75 trillion since 2019, according to the Federal Reserve. If you had to write that check it would read $16,960,000,000,000. 

• Americans owe $986 billion on credit cards, surpassing the pre-pandemic high of $927 billion. We owe $11.92 trillion on mortgages, $1.55 trillion on vehicle loans and $1.60 trillion for student loans. 

• Credit card debt in the U.S. is at its highest level ever, recently crossing the $1 trillion mark.

• The average credit card balance for white families was $6,940 in 2021, the most recent figures available that break debt down by race. For Black families, it was $3,940, and for Hispanic families it was $5,510. 

• Some statistics on race and student loans from educationdata.org:

• • • American Indian and Alaska Native student borrowers are the most likely to have payments of $350 a month or more, and pay an average $247 a month

    • Black and African American student borrowers are the second-most likely to have monthly payments of $350 or more and pay an average $289 a month

    • Asian student borrowers pay an average $272 a month

    • White student borrowers pay an average $229 a month