Americans Add Record Amount of Credit Card Debt in Second Quarter
Written by jordanmckamey on September 12, 2019
Americans continue to rack up credit card debt at an alarming rate–this according to a study by the personal finance website WalletHub.
Americans added a record $35.6 billion in credit card debt in the second quarter of 2019. Wyomingites are only responsible for about $62.1 million of that total–the 2nd least in the entire country.
While those in the Cowboy State added the least credit card debt in the 2nd quarter–the average Wyoming household owes $8,048 in credit card debt.
Some relief for those with credit card debt across the nation is the expected Fed Rate Cut–which according to WalletHub’s Fed Rate Cut survey–7 in 10 approve of–could save American’s $1.6 billion in the next year alone.
Even with a Fed Rate cut in September–only 41 percent of WalletHub’s respondents said they would feel more confident in the economy overall.
Credit Card Debt Study: https://wallethub.com/edu/credit-card-debt-study/24400/
Fed Rate Cut Survey: https://wallethub.com/edu/fed-rate-cut-survey/63826/