article thumbnail

20+ Illuminating Credit Card Debt Statistics for 2023

Credit Corp

The average household credit card debt in America is $9,654, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Between the first quarters of 2022 and 2023, The Federal Reserve Bank of New York reported that the credit card debt in America rose by $145 billion.

article thumbnail

Average credit card debt statistics in the U.S. for 2023

Credit Corp

The average household credit card debt in America is $9,260, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Between the first and final quarter of 2022 , TransUnion® reported that the average American’s credit card debt rose roughly $400 per person.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What is Debt Consolidation and How Does it Work?

Better Credit Blog

Debt consolidation is when you bundle several debts together into one larger sum and then make a single monthly repayment instead of multiple smaller ones. Consolidating debts with different interest rates and repayment schedules can make it easier to manage your finances. Debt Consolidation Guide.

article thumbnail

Top Money-Saving Tips and Tricks to Beat 2020 Holiday Debt

Credit Corp

Unfortunately, holiday credit card debt lingers far longer than leftover turkey. If you don’t—or can’t—repay holiday debt promptly, it’ll accumulate over time. . >> Try these debt management apps. Go for Debt Consolidation. Compare Rates on Debt Consolidation Loans.

article thumbnail

Understanding Why You Have So Many Different Credit Scores

Titan Consulting

Due to the fact that not all companies report to all three credit bureaus, there are often differences in the information retained by each credit bureau. Credit scoring companies like FICO rely primarily on the information contained in the credit report, which can result in a different credit score for each credit bureau.

article thumbnail

How to Use Alternative Data to Build Your Credit Report

Titan Consulting

Rent Bureau , now owned by the credit bureau Experian, electronically compiles rental data from property management companies and individual landlords. Rental agencies and alternative credit providers use the data to screen applicants and establish consumer credit scores.

Lender 98
article thumbnail

Top Challenges Consumer Face When Using Alternative Credit Scoring Systems

Titan Consulting

Even though all these companies review credit to determine deposit requirements, they do not report on-time payments to the credit bureau because it is not considered debt. To address these disparities, some lenders now accept credit scores like the FICO XD , which uses alternative data.

Lender 98