Credit Card Debt Statistics – What the Numbers Show

If you’ve ever checked your credit card statement and wondered whether your balance is typical, you’re not alone. Across the UK, millions of people carry credit card debt, and the latest figures give a clear picture of how big the problem has become and where it’s heading.

Current UK Credit Card Debt Landscape

In 2024 the total outstanding credit card debt hit £3.6 billion, up 6% from the previous year. The average household balance rose to £120 per month, compared with £110 in 2023. About 22% of all households now carry a credit‑card balance that they don’t pay off in full each month.

Young adults (aged 25‑34) hold the highest average balances – roughly £150 a month – while retirees tend to keep their debt under ¡100. The biggest jump came from people earning between £30,000 and £50,000, whose balances grew 9% over the year.

Geographically, London and the South East top the list for the highest per‑person debt, with £150 and £145 average balances respectively. The North East and Wales report the lowest averages, hovering around £110.

What the Numbers Mean for You

Higher balances usually translate into higher interest charges. The average credit‑card APR sits at 19.8% this year, meaning a £120 monthly balance can cost roughly £21 in interest alone. If you only make the minimum payment, it can take more than five years to clear the debt.

Carrying a balance also nudges your credit score down. Lenders view high utilization – the ratio of debt to your total credit limit – as risky. Keeping your utilization under 30% helps maintain a healthy score and opens the door to better loan terms.

So, what can you do? Start by tracking your spending for a month and spotting categories where you can cut back. Even a £50 reduction each month can shave years off repayment time. If possible, transfer the balance to a card with a 0% introductory APR and pay it off before the rate resets.

Another option is to consolidate your credit‑card debt with a personal loan that offers a lower fixed rate. That way you trade a variable, high‑interest balance for a predictable monthly payment.

Finally, consider setting up automatic payments that cover at least the full statement balance. It eliminates the chance of missing a due date and stops interest from piling up.

The takeaway? Credit card debt statistics show a rising trend, but they also give you a roadmap to get ahead. Knowing the average balances, interest rates, and regional patterns helps you compare your own situation and take steps before the debt becomes unmanageable.