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Study: Americans Have More than $1T in Credit Card Debt

Mar 8, 2018 | Reprints | Unlock Link

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Americans now have more than $1T in credit card debt

U.S. Consumers now owe more than $1 trillion in credit card debt for the first time ever, adding over $92 billion in 2017, according to Wallethub’s latest credit card debt study.

The $92 billion addition in credit card marks only the fourth times U.S. consumers have racked up this much debt in a year. In each of those prior cases, the charge-off rate, which is currently hovering near historical lows, rose the following year.

According to Wallethub, the fact that charge-off rates remain near historical lows continues to fuel lenders’ appetites for extending credit, but there will be a tipping point eventually.

As of the fourth quarter of 2017, average credit card debt per household was $8,600, up about $470 from the year before. That is $138 higher than the level WalletHub has identified as being sustainable.

B&T Daily