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FACT BRIEF

Has credit card debt increased about 45% since 2020?

By Tom Kertscher
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YES

Americans’ credit card debt totaled $1.07 trillion on Aug. 21, 2024, according to Federal Reserve Bank data — 43% higher than the $746 billion on Jan. 20, 2021.

The debt reached a record $1.14 trillion during the second quarter of 2024.

The Wisconsin Republican Party made the credit card claim in a flyer circulated in August as a criticism of Vice President Kamala Harris.

As a comparison to the previous administration, credit card debt increased 17% from the first quarter of 2017 to the first quarter of 2020 just before the COVID-19 pandemic.

The nonpartisan U.S. Government Accountability Office reported that many people likely paid down balances with federal stimulus payments they received in 2020-21 in response to the pandemic, then card usage increased.

Bankrate, a banking industry publisher, cited near-record credit card interest rates and higher inflation, which led to more credit card use to finance regular spending.

See a full discussion of this at Wisconsin Watch
This fact brief is responsive to conversations such as this one.
Sources
Federal Reserve Bank Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks
Google Docs Wisconsin Republican Party Kamala Harris flyer
CNBC Average consumer now carries $6,329 in credit card debt. ‘People are stretched,’ experts says
Federal Reserve Bank Household Debt and Credit
Federal Reserve Bank Three measures of US credit card debt
Federal Reserve Bank Which U.S. Households Have Credit Card Debt?
U.S. Government Accountability Office Credit Cards: Pandemic Assistance Likely Helped Reduce Balances, and Credit Terms Varied Among Demographic Groups
Bankrate Bankrate’s 2024 Credit Card Debt Report
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Wisconsin Watch
Wisconsin Watch, the news arm of the nonpartisan, nonprofit Wisconsin Center for Investigative Journalism, increases the quality and quantity of investigative reporting in Wisconsin, while training current and future investigative journalists. Its work fosters an informed citizenry and strengthens democracy.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.