WASHINGTON (NEWS10) — U .S. credit card debt is closing in on the $1.3-trillion for the first time in nearly eight years.
The Federal Reserve says outstanding credit card balances reached nearly $952-billion in the first three months of this year. That’s up six percent from the same time a year ago.
It is close to the record $1.02-trillion debt reached in July 2008, which happened just before the global financial crisis struck the U.S.
Experts blame the growth on consumers showing a growing willingness to carry debt, as well as banks pushing customers to use their credit cards.
Consumer debt is also growing when it comes to your car.
Credit bureau Experian says auto-loan balances surpassed the $1-trillion mark for the first time ever earlier this year.