Red Flags Rising: Surge in Credit Card Debt Raises Recession Concerns

iStock

Red Flags Rising: Surge in Credit Card Debt Raises Recession Concerns

Sep, 15th 2016

Americans have been racking up credit card debt like it's 2007 again, and are on track to amass a record $1 trillion in outstanding balances by year's end, according to a new report by WalletHub, a consumer finance site. This is raising red flags for some market experts, who see disturbing similarities between current credit card trends and those leading up to the 2008 economic meltdown.

"I'm not saying we expect a recession by the end of the year, but it's scary to see this credit card data and how similar it is to what we saw pre-recession," said Jill Gonzalez, an analyst at WalletHub.

U.S. consumers charged up $34.4 billion in credit card debt in the second quarter of 2016, which is the largest second-quarter accumulation since WalletHub began...

Read More

Join Us. We are waiting for you!

Sign Up Today!

We welcome you to our community where you can gather and share information on debts and issues which may have your life unsettled. Together we thrive!


Logo mobile 4b2fda9e088d7249be95ede0cc3adea2de299a346ba55b450264e0c976b239c5

Join our community Today! IT'S FREE

Our Interactive Knowledge Base Has All The Infomation You Need To Settle Your Debt & Settle Your Life™

SIGN UP NOW!

Join, Resolve & Share!