2016 ended with numbers above the Great Recession. What does that mean for 2017?

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Outstanding credit card debt is at the highest point since the end of 2008, and 2016 Q3 did nothing to divert us from a collision course with the $1 trillion mark.

 

The $21.9 billion in credit card debt that we added in Q3 2016 is nearly 60% above the post-Great Recession average.

With 16 of the last 23 quarters reflecting year-over-year regression in consumer performance, it’s clear that we’ve reverted to pre-downturn bad habits.

Regresion-Q3-2016

The average indebted household’s balance rose to $7,941 in Q3 – just $523 below the tipping point WalletHub identified as being unsustainable. If the trends in the last 10 years are accurately identifying what we can expect for 2017 it looks as if things are not getting better. In fact, the trend shows a snowball effect that time only serves to aggravate!

Credit card debt is a common issue in nearly half of all American households which means that solutions are available. Are you interested in any of those solutions?

The time to manage your debt is now. Give us a call to see how we can help!

 

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