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

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. At the end of Q1 2024, the average household credit card balance stood at $10,479, up 4.3 percent from last year. In total, U.S. consumers owed more than $1.26 trillion on credit cards....