American consumers are on track to finish the year out with a record $80 billion in credit card debt, the personal finance site WalletHub said recently.

U.S. consumers racked up $21.9 billion in credit card debt during the third quarter, representing the seventh-largest third quarter accumulation in 30 years, according to WalletHub’s 2016 Credit Card Debt Survey.

WalletHub characterized the third quarter findings as a “serious cause for concern” and said that American consumers set a second quarter record last year with $34.4 billion in new debt, right after recording the smallest first quarter pay-down ($27.5 billion) since 2008. Last year Americans added the most credit card debt ($71 billion) since 2007, the site said.

Offering commentary on the findings, WalletHub said, “So it is not a question of whether consumers are weakening financially, but rather how long this trend toward pre-recession habits will last and just how bad it will get. Unfortunately, the immediate forecast does not appear too bright. WalletHub projects that we’ll end 2016 with a net increase of roughly $80 billion in credit card debt, which would bring outstanding balances within striking distance of 2008’s all-time record and push the average amount owed by indebted households to a perilous $8,380.”

The personal finance site closed with a warning that if charge-offs begin to rise, the situation could turn ugly.