US Credit Card Debt Tops $1 Trillion for the First Time

(From The Washington Examiner)

Total U.S. credit card debt has topped $1 trillion for the first time, according to a new report from the card comparison site WalletHub.

Consumers added $92 billion in credit card debt in 2017, bringing the aggregate over $1 trillion. Other categories over the trillion-dollar threshold are housing, auto loan, and student loan debt.

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,” noted Alina Comoreanu, a WalletHub researcher.

The average household owes a record $8,600, which is more than the peak during the recession.

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