WASHINGTON, D.C. — It’s probably safe to say – the 2016 shopping season was a successful one. Consumers spent a lot of money on friends and family, and you probably ended up getting some pretty cool swag in the end.
The bad news? Our friends and family love you so much – they’re willing to go into massive amounts of credit card debt for you.
According to Wallethub, consumers will end the year about $80 billion more in credit card debt than they began the year with. They say that brings us dangerously close to 2008’s all-time record of just under $1 trillion in credit card debt – bringing the average owed by each indebted household to just over $8,000.
If that doesn’t sound bad enough – maybe this will: we now owe roughly the same amount we did – right before the Great Recession officially began in 2008.
So wake up and smell the coffee – just don’t buy it. Especially if you can’t afford it. Because the last thing we all need right now is another recession.