It’s no secret that Americans seem to have a collective tendency to charge up a storm. New data shows US credit card debt has reached a record high of more than $1 trillion
As of late 2016, the average American household was carrying thousand in credit card debt. Given that 57 percent of Americans have less than $1,000 in savings, that number makes sense.
But it also points to a worrisome trend. “Household debt recently reached $13 trillion, which is a record high, and credit card debt, in and of itself–over $1 trillion. We’re borrowing like there’s no tomorrow, and this is a trend that’s going to continue right on through the holidays and probably into the new year too,” says Vera Gibbons, Author at Non Political News.
Financial experts recommend cutting up any extra credit cards and reviewing your existing debts to see which ones are costing you the most.