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Americans' Credit Card Debt Is Set to Hit $1 Trillion This Year

By: micro1 in POPE IV | Recommend this post (1)
Sun, 22 May 16 4:59 AM | 41 view(s)
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Msg. 06829 of 47202
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Hereâ€™s another sign that consumers are ready to shake off the heavy saving habits ingrained by financial crisis.

Based on data from the Federal Reserve, outstanding credit card debt is set to hit $1 trillion in 2016, the Wall Street Journal reported. Thatâ€™s a level not seen since its all-time high of $1.02 trillion in July 2008, on the eve of the crisis.

Back then, Americansâ€™ personal savings rate was 4.4%. That number went as high as 11% in December 2012 and is currently 5.4%.

http://fortune.com/2016/05/20/americans-credit-card-debt-is-set-to-hit-1-trillion-this-year/

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