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Household credit card debt rose to $420 billion in 2018, according to new study

TUCSON- A new study released shows Americans have more credit card debt compared to last year.

The 2018 American Household Credit Card Debt Study found the total number of debt racked up to $13.51 trillion, while credit card balances reached $420.22 billion.

NerdWallet’s annual analysis found this was about a five percent increase over the last year.

An average household tackled an estimated $6,929 in balances from month to month, according to the study.

Plus, nine percent of Americans with credit card debt admitted they don’t think they will ever be completely debt free, according to the survey.

A consumer tip is to pay off debt by trimming large expenses first before stopping purchases on coffee once a week. The study advises to also look for a card with introductory 0% balance transfer APR.

Matt Benz

Matt Benz

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