Credit card debt reached an all-time high of $1.2 trillion by the end of 2024, according to data from the Federal Reserve Bank of New York. On Wednesday, the Federal Reserve announced it was lowering its benchmark interest by a quarter percentage point, setting the new range at 4% to 4.25%. While a lower fed rate is what borrowers hoped for, the new rate may not be enough for them to notice a significant difference in their annual percentage rate, according to Bankrate. In June, credit card balances rose by $27 billion increasing the outstanding debt to $1.21 trillion. But borrowers could see lower rates soon, as Fed officials signaled two more potential cuts later this year. Here are some facts on credit card debt you should know: Among age groups, Americans ages 40 to 49 hold the most credit card debt, totaling $283.7 billion, up 9.1% from the previous year. This was also the largest increase among all age groups from 2023 to 2024.The Federal Reserve Bank of New York releases reports on U.S. household debt and credit every three months. Credit card balances are measured as of Dec. 31 each year. Prior to 2004, the data didn’t include an age-specific breakdown of debt.Individuals ages 18 to 29 owed the least credit card debt at $90.9 billion, up 1% from the year before.All age groups saw an increase in credit card debt from 2023 to 2024.Credit card debt in 2024 closely reflected the overall debt balance at the end of June 2025, with individuals ages 40 to 49 holding the highest debt of $4.8 trillion.Total household debt includes mortgages, student loans, credit cards, auto loans, home equity lines of credit and other types of debt.As of June 2025, data shows a decrease in credit card debt among Americans ages 18 to 29, 30 to 39, 40 to 49, and 50 to 59 compared to last December. Americans ages 60 to 69 and 70-plus saw a slight increase.Final December 2025 data will more accurately show whether these trends hold across age groups.How does credit card debt compare to 20 years ago?In 2004, the age group that held the lowest debt was adults 70 and older, owning $46 billion. By the end of 2024, that group held the second-lowest credit card debt at $143.7 billion.Today, people ages 18 to 29 have the lowest credit card debt, rising from $61 billion in 2004 to $90.9 billion in 2024. Scroll on the chart below to see how the federal funds rate impacts other types of loans. PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=
WASHINGTON —
Credit card debt reached an all-time high of $1.2 trillion by the end of 2024, according to data from the Federal Reserve Bank of New York.
On Wednesday, the Federal Reserve announced it was lowering its benchmark interest by a quarter percentage point, setting the new range at 4% to 4.25%.
While a lower fed rate is what borrowers hoped for, the new rate may not be enough for them to notice a significant difference in their annual percentage rate, according to Bankrate.
In June, credit card balances rose by $27 billion increasing the outstanding debt to $1.21 trillion. But borrowers could see lower rates soon, as Fed officials signaled two more potential cuts later this year.
Here are some facts on credit card debt you should know:
Among age groups, Americans ages 40 to 49 hold the most credit card debt, totaling $283.7 billion, up 9.1% from the previous year. This was also the largest increase among all age groups from 2023 to 2024.
The Federal Reserve Bank of New York releases reports on U.S. household debt and credit every three months. Credit card balances are measured as of Dec. 31 each year. Prior to 2004, the data didn’t include an age-specific breakdown of debt.
Individuals ages 18 to 29 owed the least credit card debt at $90.9 billion, up 1% from the year before.
All age groups saw an increase in credit card debt from 2023 to 2024.
Credit card debt in 2024 closely reflected the overall debt balance at the end of June 2025, with individuals ages 40 to 49 holding the highest debt of $4.8 trillion.
Total household debt includes mortgages, student loans, credit cards, auto loans, home equity lines of credit and other types of debt.
As of June 2025, data shows a decrease in credit card debt among Americans ages 18 to 29, 30 to 39, 40 to 49, and 50 to 59 compared to last December. Americans ages 60 to 69 and 70-plus saw a slight increase.
Final December 2025 data will more accurately show whether these trends hold across age groups.
How does credit card debt compare to 20 years ago?
In 2004, the age group that held the lowest debt was adults 70 and older, owning $46 billion. By the end of 2024, that group held the second-lowest credit card debt at $143.7 billion.
Today, people ages 18 to 29 have the lowest credit card debt, rising from $61 billion in 2004 to $90.9 billion in 2024.
Scroll on the chart below to see how the federal funds rate impacts other types of loans.