Deadbeat America drowning in credit card debt
(Worthy News) – American taxpayers are quick to criticize the federal government for its ever-increasing national debt, but a new study released Wednesday found taxpayers are also saddled with debt, and are likely to end 2016 with a record high $1 trillion in outstanding balances.
Cardhub, a site that recommends credit cards based on consumers’ needs, said that will be the highest amount of credit card debt on record, surpassing even the years during and before the Great Recession. The site said the record high was in 2008, when people owed $984.2 billion on their credit cards.
It’s good news for credit card companies that will profit off borrowers thanks to high interest rates, which average 15 percent. But the skyrocketing debt, along with other factors, indicates the U.S. economy may not be in as good shape as some believe. [ … Read More (Source) ]
Read the study by Cardhub: 2016 Credit Card Debt Study: Trends & Insights
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