Total American credit card debt nearing $1 trillion mark

by Daniel Payne · Feb 12th, 2020 2:16 pm

Although not as much of a flashpoint political issue as student loan debt, credit card debt in the United States has been quietly growing in recent years, now standing markedly close to crossing the $1 trillion mark.

The final quarter of 2019 saw combined credit card debt reach $930 billion, the highest it has ever been in American history and significantly higher than its previous peak before the Great Recession in 2008.

Serious delinquency rates — in which borrowers are more than three months late with payments — rose to 5.32 percent, its highest mark in nearly eight years.

Total household debt in the country stands at $14.15 trillion. A majority of that, $9.56 trillion, is in mortgage loans.