Americans now owe more than $1 trillion in credit card debt for the first time ever according to a recent study done by WalletHub.
Americans added $92 billion in credit card debt in 2017.
Only four times in the past 30 years have Americans spent so much in a year.
The average household’s owes about $8,600.
"So it’s 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." Alina Comoreanu a Senior Researcher at WalletHub said.
For tips on how to manage debt, read the complete study.
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