Skip to main content

Credit Card Debt Up Dramatically in Q4 2016

Phil Hall
Mar 08, 2017
U.S. consumers generated $60.4 billion in credit card debt during the fourth quarter of 2016

U.S. consumers generated $60.4 billion in credit card debt during the fourth quarter of 2016, according to new data released by WalletHub. This represents the largest fourth-quarter debt increase since 2007 and the third-largest in the last 30 years—as well as an $89.2 billion net increase in credit card debt for 2016 as a whole, which is the most for a year since 2007.
 
The average credit card debt per household for 2016 was $8,377, up six percent from one year earlier. WalletHub is projecting that consumer credit card debt will surpass the current record for outstanding balances by at least $100 billion by the end of this year.
 
“We now owe almost exactly as much as we did right before the Great Recession officially began,” said Alina Comoreanu, research analyst at WalletHub. “If charge-off rates begin to rise, things could get ugly fast. The fact that charge-off rates remain near historical lows continues to fuel lenders’ appetites for extending credit, but there will be a tipping point eventually.” 
Published
Mar 08, 2017
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021