Americans added $34.4 billion to their credit card debt in the second quarter of 2016, nearly half the total added in all of 2015. Debt holders also paid down just $27.5 billion, the smallest amount since 2008.
The data were released Monday by personal finance firm WalletHub. Researchers now project that the total U.S. credit card balance at the end of this year will top $1 trillion, a new record.
The average indebted household’s balance rose to $7,817 in the second quarter, just $611 below a level that WalletHub has identified as being unsustainable.
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