Total US Credit Card Debt Increased 15.2% Over the Last Year to an All-Time High of $986 Billion

Total US credit card debt increased 15.2% over the last year to an all-time high of $986 billion.  Covid lockdowns and related stimulus caused credit card debt to fall 16.9% between 2019 Q4 and 2021 Q1.  Credit card debt levels returned to pre-Covid levels in late 2022 as average credit card utilization increased from 25.5% to 28.0%.  Despite the increase, credit card delinquency remains below pre-covid levels.

Sources: Experian; Federal Reserve Bank of New York Household Debt and Credit Report