WEB Notes:One article says we are rich, the next says we are broke. Which is it? It depends on what “class” of people you are talking about. If you are the bottom 99%, you probably fall in here.
Total U.S. credit card debt has topped $1 trillion for the first time, according to a new report from the card comparison site WalletHub.
Consumers added $92 billion in credit card debt in 2017, bringing the aggregate over $1 trillion. Other categories over the trillion-dollar threshold are housing, auto loan, and student loan debt.
It’s “not a question of whether consumers are weakening financially, but rather how long this trend toward pre-recession habits will last and just how bad it will get,” noted Alina Comoreanu, a WalletHub researcher.
The average household owes a record $8,600, which is more than the peak during the recession.
Source: Washington Examiner