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

By: DGpeddler in POPE IV | Recommend this post (3)
Sun, 22 May 16 6:13 PM | 57 view(s)
Boardmark this board | POPES NEW and Improved Real Board 		Msg. 06848 of 47202
(This msg. is a reply to 06829 by micro1)
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Back in the "old" days, people did not
use credit. They saved up the money
until they could afford to buy what
they needed.


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The above is a reply to the following message:
Americans' Credit Card Debt Is Set to Hit $1 Trillion This Year
By: micro1 in POPE IV
Sun, 22 May 16 4:59 AM 		Msg. 06829 of 47202

Here’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. That’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, Americans’ 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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