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.
Does your business or practice need help collecting what it is rightfully owed?
Save time, money and aggravation by hiring a professional agency who can help you collect some (or all?) of your outstanding revenue.
Click the link and compare free collection agency quotes today.
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.