Americans Paid Off $50 Billion in Credit Card Debt During 1st Quarter of 2024

The average household had a balance of $10,479, up more than 4 percent from last year.
Americans Paid Off $50 Billion in Credit Card Debt During 1st Quarter of 2024
More than a third of American adults have more credit card debt than emergency savings. Frederic J. Brown/AFP via Getty Images
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Almost $50 billion in credit card debt was paid off by U.S. citizens in the highest first-quarter total in three years, according to a recent report by personal finance firm WalletHub.

“Outstanding credit card debt decreased by roughly 5 percent during first quarter 2024, compared to the previous quarter,” the June 7 report read. Consumers paid down $49.87 billion in credit card debt, 8 percent more than in the same period last year. That was the highest first-quarter credit card payoff since 2021, when more than $84 billion was paid.

Naveen Athrappully
Naveen Athrappully
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Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.