U.S. Credit Card Debt Tops $1 Trillion for the First Time Since the Recession
America’s credit card debt has reached more than $1 trillion—the highest level since the country’s last recession in 2008, according to new data from the Federal Reserve.
The higher level of consumer borrowing means people are spending more on big-ticket purchases such as cars, and is considered a positive sign for the economy, according to the Wall Street Journal.
Consumers in the U.S. now owe a total of $1.0004 trillion on credit cards. This is 6.2% more than a year ago and up 0.3% from January this year.
Revising previously reported credit-card debt figures, the Federal Reserve revealed that December was the first month to enter into trillion-dollar territory. Both auto and student loans have already reached the mark ahead of credit card lending.