Americans have loaded themselves down with debt and some are struggling to pay the bill.
Total household debt hit a record $13 trillion in 2017, eclipsing levels seen on the eve of the Great Recession. Americans have been burning up the credit cards. Revolving debt grew by $26 billion in the fourth quarter of 2017 alone, a 3.2% increase. Americans have run up a nearly $1 trillion credit card tab. Meanwhile, flows into serious delinquency have increased steadily since the third quarter of 2016.
The delinquency level for subprime credit cards is particularly concerning, having risen to a level higher than at the peak of the financial crisis.
