With a record $1 trillion in credit card debt, it’s no wonder people are looking to consolidate
At LendingPoint, we hear from a lot of people who are looking to consolidate their credit card debts. It turns out, they’re not alone.
A recent story from Wallethub.com looked at U.S. credit card debt and found that our overall running balance is now more than $1 trillion, the highest it has ever been:
Americans now owe more than $1 trillion in credit card debt for the first time ever, after adding a post-Great Recession record $92.2 billion to our tab in 2017. Only four times in the past 30 years have we spent so much in a year. And in each of those prior cases, the charge-off rate â€“ currently hovering near historical lows â€“ rose the following year. There wasnâ€™t nearly as much kindling on the fire, either.
The survey found that the average credit card debt per household is also at historically high levels:
The average householdâ€™s balance, at $8,600, is $138 higher than the level WalletHub has identified as being sustainable.