According to WalletHub’s latest Credit Card Debt Study, based on Federal Reserve data released recently, US consumers racked up $92.2 billion in credit card debt during 2017, pushing outstanding balances past $1 trillion for the first time ever.
Given this data, WalletHub also released the results of its 2018 Credit Card Debt Survey, which provides a nationally representative look at consumer sentiment.
Here are some highlights from their reports…
- The average household owes a record $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.
- Despite Federal Reserve data painting a dark picture, consumers 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.
- 7 in 10 people think we’re 2+ years from another recession.
- 88% of Americans say their personal finances are run better than the federal government.
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After all, when you get down to it you really have two choices:
- keep doing what you’re doing (and hope for a different result), or
- find a national collection agency that will help you recover what’s rightfully yours.
Either way you decide… it’s your money.
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