Credit card debt apporaching one trillion dollars

$1 trillion….  Credit card debt is nearing its all-time high for outstanding credit card debt. The high was set back in 2008. You remember 2008, when the financial market imploded.

How is debt growing? Lenders are loosening lending limits. Consumers are borrowing more indicating a level of confidence so they’re borrowing more money. Lenders are making loans to subprime lenders again — there’s that 2008 reminder again….  Even American Express is getting in on the idea of letting borrowers carry a balance. Can consumers pay off their debt?

 

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