News

Actions

Credit card debt tops $1 trillion in the US for the first time

default.png
Posted at 1:58 PM, Mar 11, 2018
and last updated 2018-03-11 14:58:27-04

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.

Copyright 2018 KXXV. All rights reserved.