Credit Scores are at an all Time High, 702+ FICO. Yet, Americans are carrying an average credit card balance of over $6,200

Today, consumers are financially healthier compared to a decade ago. Credit scores reached an all-time high of 703 last year, out of a possible 850 points. Credit-card delinquencies have dropped by half from a decade ago, CompareCards notes.

Credit Scores are at an all Time High, 702+ FICO. Yet, Americans are carrying an average credit card balance of over $6,200


Americans may have a love-hate relationship with their credit cards, but that’s not preventing them from piling on debt.

More consumers may be charging groceries because they’re strapped with other types of debt, such as student loans, which have doubled to about $1.6 trillion in outstanding debt since 2010, he notes. Auto loans and mortgages are also at all-time highs.

After repaying monthly home, auto and student loans, some consumers don’t have much wiggle room. So groceries are often covered by credit cards.

The country’s outstanding credit card and other types of revolving debt have jumped almost 20% from a decade ago, reaching an all-time high of about $1.1 trillion, according to a recent study from CompareCards.

The average balance on a credit card is now almost $6,200, and the typical American holds four credit cards, according to the credit bureau Experian. Credit card issuers are also giving Americans more room to run up debt, boosting the typical credit limit by 20% over the last decade to $31,000.

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