US credit card debt has risen by $34.4bn for 2016H2 2016, nearly half the total added to all of 2015. Debt holders paid down only $27.5bn, the smallest amount since 2008, warns finance firm WalletHub. The total US credit card debt for H2 2016 is now expected to be around $1tn, marking a new record. The average indebted American household balance rose to $7,817 for 2016H2 2016, which is only $611 below the level that WalletHub sees as being unsustainable. With the relative ease added to this of obtaining debt, it is now looking strikingly similar to the six months leading up to the 2007-2008 financial crisis.
US credit card debt has risen by $34.4bn for H2 2016, nearly half the total added to all of 2015. Debt holders paid down only $27.5bn, the smallest amount since 2008, warns finance firm WalletHub. The total US credit card debt for 2016 is now expected to be around $1tn, marking a new record. The average indebted American household balance rose to $7,817 for H2 2016, which is only $611 below the level that WalletHub sees as being unsustainable. With the relative ease added to this of obtaining debt, it is now looking strikingly similar to the six months leading up to the 2007-2008 financial crisis.