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.” 
Mar 08, 2017
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Jan 09, 2023
Judge Grants UWM Partial Win In Ultimatum Lawsuit

AML’s declaration that the ultimatum violated antitrust law survived.

Industry News
Jan 04, 2023
A&D Mortgage Launches Temporary Rate Buydowns

Offering 3-2-1 and 2-1 buydown options.

Industry News
Jan 04, 2023
Zillow: 2M Homes No Longer Require A Jumbo Loan

This is the result of FHA's update to the baseline conforming loan limit in high-cost areas topping $1 million.

Industry News
Jan 04, 2023