US Credit Card Debt Ended 2018 At All-Time High - $870 Billion; 4th-Largest Consumer Debt Category

[hatrack]

U.S. credit card debt hit $870 billion -- the largest amount ever -- as of December 2018, according to the data from the Federal Reserve. Credit card balances rose by $26 billion from the prior quarter.

"The increase in credit card balances is consistent with seasonal patterns but marks the first time credit card balances re-touched the 2008 nominal peak," according to the report.

Nearly 480 million credit cards are now in circulation -- up by more than 100 million since hitting bottom after the recession a decade ago.

At the end of last year, credit cards were the fourth-largest portion of consumer debt in the U.S. after mortgage, student loan and auto debt. But the quarterly increase in credit card debt was faster than the other categories. Overall debt reached a record $13.5 trillion.



EDIT

https://www.bloomberg.com/news/articles/2019-03-05/u-s-credit-card-debt-closed-2018-at-a-record-870-billion?srnd=premium

[lastlib]

1. Well, I certainly contributed more than my share.....

With one exception (from a large car-repair bill) my CC debt is the highest I've ever had. But even as high as it is, it still gets paid off in full every month. (I'm a credit-card "deadbeat", according to the banksters--I NEVER pay credit card interest.)

Look for student-loan debt to decline over the long term, as people get priced out of the college game by rising tuition.

[NutmegYankee]

2. I tend to put most of my expenses on credit cards, but also pay them off in full every month.

That way I max out my cashback and rewards. But I never consider this to be "debt" since I pay it off without interest each month just like I pay any other bill.