According to the Federal Reserve's G.19 Consumer Credit report, America's outstanding revolving debt – mostly credit card debt – was closing in on $1.04 trillion as of June 2018. How will we pay all that money back? An increasing number of Americans may not be able to do so.
ValuePenguin analyst Joe Resendiz calls credit card defaults "a cause for concern." Resendiz highlighted increased second-quarter credit card default numbers for both JPMorgan and Bank of America as disturbing points amid generally good reports.
The second quarter 2018 Household Debt and Credit Report from the New York Federal Reserve backs up some of these concerns. At 6% of all consumer debt, credit card debt remains firmly in third place for all non-mortgage consumer debt behind student loans (11%) and auto loans (9%). However, the sheer number of credit card accounts – approximately 480 million, over four times the number of auto loan accounts and over five times the number of mortgage lo...
from MoneyTips https://www.moneytips.com/more-americans-defaulting-on-credit-cards/933
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