Report: U.S. credit card debt to top $1 trillion

According to a new report, total U.S. credit card debt has reached its second highest level since 2008 and could soon top the $1,000,000,000,000 mark by the end of 2017.

For the past five years, WalletHub has released an annual report examining Americans' credit card debt.

Analyst Jill Gonzalez says the $89.4 billion in credit card debt added last year is troubling.

“Right now, for instance, we’re expected to end 2017 with more than $60 billion in new credit card debt, says Gonzalez.”

Gonzalez says at that pace, total U.S. credit card debt will exceed $1 trillion by the end of the year.

“We’ve never hit the trillion dollar mark before,” says Gonzalez.

According to WalletHub, U.S. credit card debt reached $984 billion during 2008 at the height of the “great recession.”  In the 4th quarter of 2016, that number climbed to $980 billion.

Americans paid down $31.5 billion in credit card debt during the 1st quarter of 2017, but Gonzalez says that provides little reason for comfort.

“We’re spending more and more every year, we’re paying down less and less.  That’s a dangerous combination,” said Gonzalez.