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.

    Featured Image: frankieleon/Flickr
    ©2017. INTELLIHUB.COM. All Rights Reserved.