American consumers racked up $29.8 billion in credit card debt in the second quarter of this year, according to WalletHub’s new Credit Card Debt Study.
One of the key weapons in banks’ arsenal as they fight for new customers is a robust rewards card offering. The key challenge is how to provide compelling offers that will attract and retain consumers in a profitable manner.
While the current housing debt remains relatively flat to the prerecession numbers, the nonhousing debt has grown 31 percent in the last 10 years. The larger concern is that two-thirds of that debt, or $2.21 trillion, is unsecured. Another crisis potentially looms with no collateral to assist in a recovery.
U.S. Consumers now owe more than $1 trillion in credit card debt for the first time ever, adding over $92 billion in 2017, according to Wallethub’s latest credit card debt study.
Four Connecticut communities are in good shape when it comes to managing credit card debt.
The Federal Open Market Committee’s expected rate hike this week, which would likely bring the short-term benchmark rate to a range of 1.25 to 1.5 percent, could not come at a worse time, according to a recent WalletHub study.
U.S. consumers are on pace to hold more than $1 trillion in credit card debt by the end of 2017, according to a recent WalletHub study.
The number of new credit card accounts and monthly purchase volumes continued to expand this year, according to the American Bankers Association’s latest Credit Card Market Monitor.