In quarter two of 2016, U.S. consumers accumulated $34.4 billion of debt on credit cards. Compare that with the second quarter of 2007 (six months before the start of the Great Recession) when $31.9 billion was reached. Cumulatively, Americans have effectively borrowed a total of $912 billion of credit card debt as of the end of quarter two of 2016. Again, it may be useful to compare that figure with the accumulation of credit card debt at the end of the second quarter of 2007, when this type of debt reached a total of $898 billion.
The U.S. is on track to break $1 trillion in outstanding credit card debt for the first time in history. Other reports discuss Americans’ obsession with spending money through credit cards, stating that the average American household has $15,675 of credit card debt. Certainly this must be the wake-up call for all of us to review our spending habits.
If for some reason credit card debt has gotten the best of us – Gershfeld Law Group is here for you. Contact us to get help from experts in financial debt!