Worthy Christian News » U.S. Headlines » U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis


U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis

Tuesday, August 8, 2017 | Tag Cloud Tags: ,

(Worthy News) - U.S. consumer credit-card debt just passed an ominous milestone, beating a record set just before the global financial system almost collapsed in 2008.

Outstanding card loans reached $1.02 trillion in June, data from the Federal Reserve show, as lenders including Citigroup Inc. and JPMorgan Chase & Co. compete to sign up cardholders who may carry balances -- a relatively lucrative business in a prolonged period of low interest rates.

The bet is that this time it won’t end so badly. In 2008, a drop in home prices spiraled into a global financial meltdown, and after the jobless rate surged toward 10 percent, banks wrote off more than $100 billion in credit-card loans over the next two years. [ Source (Read More...) ]

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Worthy Christian News » U.S. Headlines » U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis

1 thought on “U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis

  1. The credit card debt will be creating another dangerous domino cycle of defaults; thus the banks losing billions of dollars. In the booming days, the credit card business was the most lucrative business of the banking industry through ruthlessly milking the helpless consumers through their imposing of interest rates at their own will, late charge, over the credit limit charge etc. This $ 1.02 trillion debt indicates an hurricane upon the plastic card of lavish and
    reckless spending.

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Worthy Christian News » U.S. Headlines » U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis