Credit card debt tops $1 trillion, most since the great recession
Credit is king as Americans finance their way to disaster. According to this CNBC report, credit card debt has topped $1 trillion, the most since the great recession.
With consumers feeling better about the economy, the amount of money borrowed on plastic has reached a high not seen since the Great Recession.
Outstanding credit card debt topped $1 trillion at the end of 2016, according to The Nilson Report, a card and mobile payment trade publication.
While household income has grown over the past decade, it has failed to keep up with the increased cost of living over the same period.
To bridge the gap, more Americans rely on credit cards, one of the most expensive ways to borrow. The average credit card interest rate is 19.36 percent and the average household pays a total of $1,332.80 in credit card interest each year, according to a separate report by NerdWallet.