Here's an unexpected trend: Americans are paying off less of their credit card bills. Over the first quarter of 2016, consumers only paid $26.8 billion in credit card debt. That's the smallest first-quarter debt reduction since 2008 and is nearly 25 percent below the post-recession average, , according to a study by credit card search and comparison website, CardHub.
During the first quarter of 2016, the average indebted household’s balance was $7,597, which is down from $8,431 at the end of 2008. That's skewed by a few heavy borrowers, though; the median household credit-card debt is just $2,300.
If things continue at this rate, U.S. households will accumulate $1 trillion in outstanding debt by the end of 2016. That would be the most debt we've ever held, according to Card Hub.