Credit Card Debt Approaching $1 Trillion, Which Could Mean Trouble

May 20, 2016

Are you low on funds? That’s okay, just charge it. That’s what many Americans are doing as the credit card debt continues to rise in the United States. And that may not be good news.

FOX’s�Anna Welles reports:

Credit card debt is on pace to hit $1�trillion this year…�That’s close to the all time high set just before the economic crash in 2008.

Banks are aggressively pushing plastic, offering higher limits, giving out more cards and offering sweeter perks.

The Wall Street Journal reports the boom has been driven by steady economic conditions and an improving job market that have made creditworthy consumers less reluctant to take on debt.

Also, lenders have signed up millions of subprime consumers who previously weren’t able to get credit.

Anna Welles,�FOX News.