Data Point – A credit card tipping point?

by Skip

credit-card-1080074_640Thankfully, TMEW and I have no credit card debt but it seems like others are making up for our lack:

“Credit-card debt in the US rose in June, surpassing the peak set just before the 2008 financial crisis. Outstanding revolving credit, which includes credit-card debt, rose to $1.02 trillion in June, according to a monthly report from the Federal Reserve released Monday. But defaults are rising again for credit cards and auto loans. The New York Federal Reserve observed a 7.5% rise in the share of credit-card balances that were seriously delinquent, or at least 90 days past due, in the first quarter. “We simply can’t keep taking on credit card debt forever without it causing major problems,” said Matt Schulz, the senior analyst at CreditCards.com. This record probably won’t be a major tipping point, but it likely isn’t too far off….”This record should serve as a wake-up call to Americans to focus on their credit card debt,” Schulz said.

americans-hold-more-credit-card-debt-than-ever-and-a-major-tipping-point-isnt-far-off

Read the link as it talks about some of the rise in defaults.  (H/T: Business Insider)

Leave a Comment

Previous post:

Next post: