News ID: 211454
Published: 0558 GMT March 11, 2018

US credit card debt hits $1 trillion

US credit card debt hits $1 trillion

A first in global capitalism, US citizen consumer credit card debt has now topped $1 trillion.

For the first time in history, consumer credit card debt in America has risen above the benchmark $1 trillion measure, according to Washington DC-based online personal finance website

According to the personal finance website, US consumers added $92.2 billion to US credit card debt in 2017, the highest one-year increase since 2007. asserts that the average US household owes some $8,600 in credit card debt, cited by

A senior analyst at the personal finance website put a positive spin on the eye-opening statistic, suggesting that the rapid rise of debt was simply a result of economic confidence by Americans.

The spokesperson claimed, "We haven't seen anything like this," adding, "Consumer confidence is at its highest point. Since the [2008] recession, people have been saving up for houses, cars… new furniture and appliances, which often get charged on credit cards."

At the tail end of 2017, during the final fourth quarter alone, Americans added a whopping $67.6 billion in debt, as the total figure represented by debt defaulters — referred to in financial jargon as the ‘charge-off' rate — hovered at a historic low.

"People are spending so much more than they have. They cannot keep up with the bill," warned the spokesperson.

According to credit reporting agencies, the average credit score for Americans in 2017 is 675, four points below the 2007 figure.


Security Key:
Captcha refresh
Page Generated in 0/2754 sec