Outstanding credit card debt in America is at the highest point since the end of 2008, with consumers in the United States racking up $60.4 billion in credit card debt during 2016’s fourth quarter.
That’s “serious cause for concern,” according to financial analysis website WalletHub. It’s the largest fourth-quarter debt increase since 2007 as well as the third-largest in the last 30 years. And it resulted in an $89.2 billion net increase in credit card debt for 2016 as a whole, which is the most for a year since 2007.
That performance also appears to confirm a trend, with American consumers setting the post 2007 Q3 record during the prior quarter. Some $21.9 billion in new credit card debt was accrued during that time, right after adding a Q2-record $34.4 billion to our tab and recording the smallest Q1 pay-down ($27.5 billion) since 2008.
“So it is not a question of whether consumers are weakening financially,” wrote Alina Comoreanu for WalletHub, “but rather how long this trend toward pre-recession habits will last and just how bad it will get. And WalletHub projects that in 2017 we will surpass the current record for outstanding balances by at least $100 billion.”
More detailed statistics from WalletHub on the site's report here.