Average balance hits $6,200 and limit is $31,000

Average balance hits $6,200 and limit is $31,000

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

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.

America'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.

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The reasons for the spike in credit-card debt are complicated and potentially worrisome, financial experts say. A middle-class lifestyle has become more expensive with the cost of health care and education outpacing wage growth, prompting more households to rely on their cards to cover emergency expenses and daily spending, experts say.

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