Credit card debt surpasses $1 trillion in the US for first time

 U.S. consumers’ total credit card debt exceeded $1 trillion for the first time, according to a new study by the personal finance website WalletHub.

Consumers took on an additional $92.2 billion in debt last year, the highest single-year amount since 2007. The average U.S. household owes $8,600 on credit cards, WalletHub found.

The accumulation of debt reflected Americans' confidence in the economy, according to Jill Gonzalez, a senior analyst at WalletHub.

“We haven’t seen anything like this,” she told ABC News. “Consumer confidence is at its highest point. Since the recession, people have been saving up for houses, cars ... new furniture and appliances, which often get charged on credit cards.”

In the fourth quarter of 2017 alone, consumers added $67.6 billion while the charge-off rate remained at historical lows



Source :- abcnews

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