American Credit Card Debt Close to $1 Trillion

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American credit card debt rose by 6% to $936.1 billion.  That’s $10 billion more than in 2016.  The current average household credit card balance in the US is $7,996.  Interest rates have been rising and are adding to the accumulated debt. [Everyone knows that this cannot continue and cannot be fixed. The system is broken and, eventually, it must fall apart.] -GEG

Americans are racking up close to $1 trillion in credit card debt, according to a new study.

The study conducted by personal finance website WalletHub found that American credit card debt rose by 6 percent to $936.10 billion, up from $884.70 billion in 2016.

In the second quarter of 2017, U.S. consumers added $33 billion in debt with credit cards — the second-highest amount of debt since 2008.

WalletHub predicts that U.S. consumers will amass $60 million more in debt with credit cards by the end of 2017, pushing the total amount of credit card debt in America to $1 trillion.

The study notes that the average household credit card balance in the U.S. went up to $7,996 in 2017, up from $7,584 during the same period in 2016.

Read full article here…

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