Americans collectively owe over $1 trillion in credit debt

Credit card debt has risen above $1 trillion for the first time as credit has been extended to high-risk borrowers

(INTELLIHUB) — Credit card companies have once again lent to high-risk customers in droves despite what happened in 2008 leaving Americans owing over $1 trillion dollars in debt altogether.

Although the average debt for credit card holders is lower in 2017 than it was in 2008, with the average American owing around $8000 instead of $10,000, the situation is still serious.

To combat the problem, lenders intend to issue lower limits of credit to cardholders on average.

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