Americans Charged $21.9B in Third Quarter, Could End 2016 $80B Deeper in Debt
Americans racked up $21.9 billion in personal credit card debt during the third quarter this year and are likely to end 2016 with a net $80 billion increase in debt, according to a study by WalletHub.
At the end of the third quarter, Americans owed $927.1 billion on their credit cards, “almost exactly as much as we did the quarter before the Great Recession,” the study noted.
“Outstanding credit card debt is at the highest point since the end of 2008, and Q3 did nothing to divert us from a collision course with the $1 trillion mark,” according to the study, which tracked credit card spending going back to 1985.
“The average indebted household’s balance rose to $7,941 in Q3 – just $523 below the tipping point WalletHub identified as being unsustainable,” the study stated.
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