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 – currently hovering near historical lows – rose the following year. There wasn’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 household’s balance, at $8,600, is $138 higher than the level WalletHub has identified as being sustainable.