U.S. Consumer Debt at Record High

By:
Chris Gaetano
Published Date:
Jul 14, 2017
'Credit cards' by Sprinno - Own work. Licensed under CC0 via Wikimedia Commons

People across the country have been breaking out the credit cards more eagerly than before, as recent data has found that Americans collectively now have credit card debt totaling $1 trillion, with household debt now the highest its ever been at $12.73 trillion, according to CNBC. The data, reported by the U.S. Federal Reserve, found that total consumer borrowing rose by $18.4 billion this past May, which is the strongest gain since November, which saw a $25.1 billion increase. Both individual and household debt levels are now around where they were in 2008, when the global economic crisis began to accelerate. While individual credit card debt is just shy of recession-era highs, overall household debt has topped them, making current levels a record. 

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