U.S. credit-card debt hits a new record
March 6, 2019

From Bloomberg:

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.

About 37 million credit card accounts had a 90+ days delinquent mark added to their credit report last quarter, an increase of about two million from the fourth quarter of 2017. These 37 million accounts hold roughly $68 billion in debt that is 90-plus days delinquent.

In aggregate, credit card limits rose for the 24th consecutive quarter, with a 1.5% increase in the fourth quarter of 2018...

Continue reading at Bloomberg...

You may also like

Marijuana is the fastest-growing industry in the U.S. job market

"The U.S. added 64,389 full-time legal cannabis jobs in 2018, according to a new report."

Amazon's private-label brands are not as successful as you think

"Amazon has been successful in creating generic items at low prices, but only when using the Amazon brand name."

The 'Amazon of Latin America' is leading this big global trend

"By investing in massive trends like this, investors can reap huge rewards as they play out... If you can identify the major players, you can simply sit back and ride the wave higher."