America’s Credit-Card Tab Hits $1 Trillion

Credit-card debt hits its highest level since the last U.S. recession

Credit-card debt in the U.S. breached the $1 trillion threshold, joining auto loans and student debt.PHOTO: ASSOCIATED PRESS

By AnnaMariaAndriotis
Updated April 7, 2017

Credit-card debt breached the $1 trillion threshold in the U.S., joining auto loans and student debt in crossing that level, and hitting its highest mark since the nation’s last recession.

The new data from the Federal Reserve marks the latest sign of a growing appetite for household debt. Rising consumer borrowing is often a positive sign for the U.S. economy as it typically means consumers are spending more on big-ticket items, such as cars, and smaller purchases often charged on cards. And while some are concerned about auto lending to risky borrowers and defaults on student loans, the quality of most credit-card debt remains strong.

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