It might seem hard to believe, but credit card debt in the United States has surpassed $1 trillion. This is the highest amount of credit card debt since its peak during the recession in 2008.
To put $1 trillion into perspective. Imagine a stack of $1 trillion worth of one dollar bills. This stack would be 67,866 miles tall, which means that it would extend about a fourth of the distance between the earth and the moon. How’s that for a lot of one dollar bills?
To be exact, the current amount of consumer credit card debt in the United States right now is 1.0004 trillion, which represents a 0.3 percent increase since January 2017. It also represents a 6.2 percent increase from this time last year. This increased level of credit card debt is largely blamed on consumers spending more money on expensive items like vehicles. Some see the increased spending as positive for business, but is it positive for the consumers who are spending so much money on interest every month?
It is in every American consumer’s best interests to reduce his or her credit card debt level to zero — or as close to zero as possible. However, not everyone has enough available capital to spend on paying down their credit cards. If you’re having trouble paying down your credit card debt, a bankruptcy lawyer may be able to help. A lawyer will look at your current level of income and current level of debt to determine the legal strategies available to bring your debt levels down to zero.
Source: Fortune, “U.S. Credit Card Debt Tops $1 Trillion for the First Time Since the Recession,” Ryan Kilpatrick, April 09, 2017