With the global economy going through some rough patches over the last few years, Americans have been curtailing their credit card spending somewhat — however, new data shows that in the second quarter of this year, the amount of total new debt added to credit cards was higher than last year, not to mention significantly higher than in 2009.
Might this be a sign that consumers are feeling more confident about the direction of the economy? That’s hard to say, but whatever the reason, Americans as a whole added $18.4 billion in new credit card debt in the second quarter.
That’s 66% higher than during the same time period last year!
Right now, the total amount of consumer credit card debt stands at about $792 billion, which is $180 billion less than when it peaked in 2008. At that time, the total was more than $970 billion.
That’s a big number, and in fact that is one of the reasons ReadyForZero was created — to help people manage and pay off their own little portion of that billion dollar total!
Image credit: Walmart Stores