Credit Card Debt Nearing $1 Trillion

Disrn

Although not as much of a flashpoint political issue as student loan debt, credit card debt in the United States has been quietly growing in recent years, now standing markedly close to crossing the $1 trillion mark.

The final quarter of 2019 saw combined credit card debt reach $930 billion, the highest it has ever been in American history and significantly higher than its previous peak before the Great Recession in 2008.

Serious delinquency rates — in which borrowers are more than three months late with payments — rose to 5.32 percent, its highest mark in nearly eight years. More

11 Comments on Credit Card Debt Nearing $1 Trillion

  1. I paid off my credit cards a few years ago and I will never have another one. Damned things were nickling and diming me to death. Sure they’re convenient but come with a very high price to pay off, I am glad that I am free from them now. My grandparents never had a credit card in their lives, they paid for everything in cash or did without and lived a good debt free life. My debts are minimal now and I actually have more money now than I did before which is a great thing.

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  2. Uh-oh! $1 Trillion in debt?

    You know what happens when people taken on debt and don’t want to repay it……BERNIE SANDERS!

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  3. When the down turn/crash occurred at the end of 2008 wifey and I started a cash only policy. Including big ticket items. If we can’t pay cash for it, we don’t buy it. No credit card debt, and everything we own, except the house, is paid for. This is coming from a guy that has purchased 7 series BMW’s with an American Express Card. I sleep well at night.

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  4. Geoff, I had mine just to have in case of emergencies as debit cards weren’t really a thing back then but never bought anything with it unless I knew I would be able to pay it off immediately. A girlfriend got ahold of it and went nuts at jewelry stores and clothes shopping. If I would have known the misery it would cause me before I was able to pay it off I would have pressed charges when the police asked me. Live and learn. Gold card!

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  5. yep, retired my CC debt about 15 years ago & never had any since … still use cc’s, almost have to w/ today’s cashless economy (& that’s the single-most reason cc debt is so high … it’s a misleading stat), but the difference is, that I never charge what I cannot cover within the next billing cycle

    … that way I do not incur the devastating, burdensome monthly charges
    (wake up; this is what the cc companies want … your perpetual indebtedness to them … kinda like d’RATs & the perpetual servitude by the ‘great unwashed’)

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  6. My CC pays for me to use it, so I just pay it off every month, they pay me $200.0 -$300.00 at the end of the year, depending on use.

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  7. Sure.

    I don’t know about you guys, but I see everyone driving Audi, BMW, and even the Good Ole Boys with $80,000 pick up trucks.

    Since when does everyone need these high end money pits with way more features than anyone needs.

    I even refuse to pay for satellite radio because AM/FM are Free and Satellite has just as many commercials.

    All the little bullshit things add up at the end of the month.

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  8. The gummint should cancel all this credit card debt!

    It’s only FAIR!

    Why should the profligate be punished for their profligacy?
    It’s racist, I tells ya! RAY-CYST!
    “Frugal” is dog-whistle for “white!”
    Idiots mired in debt are just as smart as white people!

    izlamo delenda est …

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