Americans have already set one record for credit card debt and are marching swiftly towards another, according to a new report from WalletHub.
FILE - In this Nov. 2, 2009 file photo, a customer swipes a MasterCard debit card through a machine while checking-out at a shop in Seattle. The personal finance company published a report Thursday showing that credit card debt has hit $1.3 trillion, which is higher than it’s ever been.But that’s not a record-high when adjusting for inflation. We’re 10% below the all-time inflation-adjusted high that was set during the Great Recession in 2008.
Americans paid $172 billion in credit card finance charges last quarter alone, according to WalletHub. “This is the time to fortify the castle. Build up the defenses,” he said of times, like now, when households are generally in a healthy position, because rough times always come. But as folks spent, prices also started to rise. And that strained household budgets, leading some families to leverage credit cards to meet their needs.
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