Americans' Credit Card Debt Tops $1 Trillion

By:
Chris Gaetano
Published Date:
Aug 8, 2017
'Credit cards' by Sprinno - Own work. Licensed under CC0 via Wikimedia Commons

A recent report from the U.S. Federal Reserve has found that American credit card debt is higher than it's ever been before, with people collectively owing $1.021 trillion, and there's no sign it won't climb higher, according to Bloomberg. The last time such debt reached record highs was right before the financial crisis of 2008. Bloomberg said that, with interest rates so low, financial institutions like Citigroup have been working extra hard to sign up more cardholders to make up the difference. While lenders are betting that this won't lead to mass defaults down the road, CreditCards.com, which tracks credit card information for consumers, noted that the fastest growing segment of new cardholders are subprime borrowers, noting that issuers have loosened lending standards in the wake of the recession. 

 



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