American credit card debt is increasing. The United States Federal Reserve notes that credit card debt is at the highest it has been since 2008. All told, Americans now hold more than $1 trillion in credit card debt.
The debt level actually topped $1 trillion in December of last year, but the Federal Reserve didn’t reveal that until revised data came out. The amount of credit card debt is up .3 percent now from what it was in January.
Credit card debt isn’t the only area where consumers are spending more. Big ticket items like cars are also on the rise where lending is concerned. Auto loans and student loans hit the $1 trillion mark before credit card debt did.
When you put all the data together, it shows that the United States economy is strengthening. It is also a good time to remind consumers that being careful with credit is imperative. The last thing that consumers need is to start getting stressed out about the debt they have.
For some consumers, credit card debt, auto loan debt and student loan debt are a trifecta of stress. Others might also have mortgage debt and medical debt thrown in for an even more stressful situation.
Some borrowers might find that they need to seek relief from their debt. Whether you have credit card debt or any other form of debt that is overwhelming you, bankruptcy might provide you with the financial relief you need to move forward. You can seek a fresh financial start from your debt if you are now in over your head.
Source: Fortune, “U.S. Credit Card Debt Tops $1 Trillion for the First Time Since the Recession,” Ryan Kilpatrick, April 10, 2017