U.S. Credit Card Debt is Still Lower Than 2008 Levels 💳

What We’re Showing

This graphic shows total outstanding credit card debt (adjusted for inflation) from Q1 1973 to Q2 2024. Data was compiled by WalletHub.

Key Takeaways

• Total credit card debt increased to roughly $1.17 trillion in Q3 2024.
• It peaked during the 2008 Financial Crisis, at $1.48 trillion. 

Why Pay Attention to Credit Card Debt?

A significant portion of the U.S. economy relies on consumer spending. High levels of credit card debt can reduce disposable income, limiting consumers' ability to spend on goods and services, which can then lead to a slowdown in economic growth.