Washington, D.C. -- U.S. consumers racked up $92.2 billion in credit card debt during 2017, pushing outstanding balances past $1 trillion for the first time, according to WalletHub’s latest Credit Card Debt Study, based on recent Federal Reserve data. WalletHub also released the results of its 2018 Credit Card Debt Survey, which provides a nationally representative look at consumer sentiment.
According to the reports, the average household owes $8,600, $138 more than at the height of the Great Recession. The $67.6 billion in credit card debt that we added in Q4 2017 is the highest quarterly accumulation in 30 years, 68% higher than the post-Great Recession average.
Consumers, however, are optimistic about their credit card debt, with 92% thinking they’ll have less debt at the end of the year. 35% of people think travel is worth getting into debt for, and more than 1 in 10 people with credit card debt don’t remember why they got into it.
For more information, visit wallethub.com.