Total household debt in the U.S. was $13.512 trillion at the end of 2014 and credit cards accounted for 6.52% or $881.57 billion. The ratio of credit card debt to household debt was highest in 1996 at 10.05%.
Card debt is compiled by The Nilson Report from its surveys of financial institutions and other credit card lenders.
Card debt is comprised of outstanding receivables tied to general purpose and private label credit accounts. Debt on credit cards is a subset of total consumer credit, which was $3.317 trillion at the end of 2014.
Credit card debt accounted for 26.58% of total consumer credit at the end of 2014.
Total consumer credit is comprised of installment and non-installment unsecured personal loans, both closed and open-ended. The Federal Reserve does not count mortgage debt and low-value bank loans as consumer credit. However, total household debt includes consumer credit added to mortgage debt and low-value bank loans.
Mortgage debt (and select other loans) of $10.195 trillion in 2014 increased by $123.30 billion in 2014. Credit card debt increased by $38.23 billion, while total consumer credit grew by $218.40 billion.
Total U.S. household debt of $13.512 trillion in 2014 was up $341.70 billion from $13.170 trillion at year-end 2013. The average debt for each of the 123.2 million U.S. households at year-end 2014 was $109,650. One year before the average household debt was $107,549.
Consumer credit equaled 24.55% of household debt at the end of 2014, up from 23.53% the prior year. Consumer credit per household was $26,919. Not counted by the Federal Reserve as consumer credit are rent payments and automobile leases.
Credit card debt per household was $7,154 at year-end 2014, up from $6,887 in 2013.
For data, background and forecasts on Consumer Debt: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).