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Americans now have highest credit-card debt in U.S. history
« on: August 09, 2017, 01:16:07 pm »
American consumers just hit a scary milestone.

They now  collectively have the most outstanding revolving debt — often summarized  as credit card debt — in U.S. history, according to a report Monday  released by the Federal Reserve. Americans had $1.021 trillion in outstanding revolving credit in June 2017.  This beats the previous record in April 2008, when consumers had a  collective $1.02 trillion in outstanding credit revolving credit.

“This record should serve as a wake-up call to Americans to focus on their credit card debt,” said Matt Schulz, a senior industry analyst at  CreditCards.com, a credit card website. “Even if you feel your debt is  manageable right now, know that you could be one unexpected emergency away from real trouble.”

Revolving credit had been growing at an annual growth rate of 4.9%. One reason: More consumers are getting access to credit cards backed by major banks and issuers in recent months. More than 171 million consumers had access to those cards in the first quarter of 2017, the highest number that has had access since 2005, when about $162.5 million people had access.

For the first time since the Great Recession, lenders have given more  consumers with sub-prime, or below average, credit scores, access to  credit cards, but they are giving them lower spending limits, according  to the credit reporting agency TransUnion.     
The New York Federal Reserve released a new report Wednesday that showed U.S. collective household debt balances totaled $12.73 trillion in March 2017, surpassing the 2008 peak of $12.68 trillion.

More at https://www.prolificskins.com/forum/current-affairs/americans-now-have-highest-credit-card-debt-in-u-s-history

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