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The Great Recession apparently taught us nothing about credit card debt

New research from WalletHub shows Americans are back at it again with the credit card debt, with outstanding debt soaring in the second quarter to nearly $1 trillion, the second-highest point since the end of 2008.

Last year was the worst year for credit card debt since the Great Recession, but things seemed to be turning around this year with consumers paying down $30.5 billion in debt for the first quarter of 2017. Now that paydown has been completely wiped out: Consumers racked up $33 billion in new debt during the second quarter, WalletHub reports. That impressive heap of debt is 45% higher than the post-Great Recession average. The company estimates that we will end 2017 with more than $60 billion in new credit card debt, which would put our total at over $1 trillion. Perhaps the Great Recession just led to to the great leap in depression shopping, which is marginally better than depression eating.

[Image: WalletHub]

ML