Americans now collectively have the most outstanding revolving debt — which is primarily credit card debt — in U.S. history. According to a report released by the Federal Reserve yesterday, Americans had $1.021 trillion in outstanding revolving credit in June 2017.
This beats the previous record set in April 2008, when consumers had a collective $1.02 trillion in outstanding credit revolving credit. Once the recession hit, banks wrote off more than $100 billion in credit-card loans over the next two years.
This year, total household debt — including housing, auto loans and student-loan debt — in the U.S. also surpassed the 2008 peak. Housing-related debt is down nearly $1 trillion since the 2008 peak, but auto loan balances are $367 billion higher, and student loans are a whopping $671 billion higher, according to the Federal Reserve.
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