Total U.S. Credit Card Debt

CheatSheet.com is showing recent data on American’s credit card debt. It’s approaching the “T” word…….Trillion.

Big credit card debt is a big problem. Collectively, Americans are on the hook for more than $900 billion, according to CardHub, the highest total since the 2008 recession.

Found within the article is what people will spend over percentage wise compared to just using cash:

Not only do people spend about 30% more when they use a credit card than if they were paying with cash, they often ignore how much they’ll pay in interest over time, since they think of those fees as a expense which will occur in the distant rather than near future, Paul R. Woodburne, associate professor of economics at Clarion University of Pennsylvania, told CardHub.

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