According to the Federal Reserve, credit card debt in the U.S. is at its highest level ever. In December 2018, credit card debt was $26 billion higher than it was just three months earlier.
Americans over age 60 hold nearly one-third of all credit card debt in the country – and they’re seeing their accounts go delinquent at an increasing pace.
We’re not surprised. Eighteen months ago, we at Bank On Yourself bemoaned the fact that household debt at the end of 2017 was at a then all-time high of more than $13 trillion. Now credit card debt is poised to overtake auto debt as one of the “big three” consumer debt millstones (after mortgages and student loans).
Carrying significant credit card debt can cause serious problems
Living with a large balance on your card(s) can be like trying to cross Niagara Falls on a tightrope: You hope and pray nothing goes wrong.
What could go wrong while your cards are maxed out? [Read more…] “Record-High Credit Card Debt Promises Problems for Many”