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Credit Card Debt Climbing to Pre-recession Levels
Thursday, December 10, 2015 6:45 AM

According to consumer finance website CardHub, U.S. consumers set two straight post-recession records for quarterly credit card debt growth. After cramming $32 billion onto their credit cards in the second quarter, shoppers stockpiled $21.3 billion of credit card debt in the third, a 34 percent jump year-over-year and the most for the third quarter since 2009.

The combined quarters puts consumers on track to rack up a roughly $68.5 billion net increase in credit card debt in 2015. That would put average household credit card debt at $8,000, a number not seen since 2008.

Additional numbers from CardHub:

  • The $21.3 billion build up in credit card debt in the third quarter sits 71% higher than the post-recession average;
  • Despite rising credit card debt levels, charge-off rates remain at historical lows, and have fallen on a year-over-year basis; and
  • Eight out of the last 10 quarters have reflected year-over-year regression in consumer performance.