This article appeared online at TheNewAmerican.com on Tuesday, January 9, 2018:
For the first time in history credit card debt hit $1 trillion last year, reported the Federal Reserve on Monday. This eclipsed the previous record set almost 10 years ago, just before the housing and credit bubbles burst. In addition, “non-revolving” (i.e. auto and student loans) debt is approaching $3 trillion.
These numbers have put credit card debt on “watch” at Seeking Alpha, which said that that trillion dollar number is “scary.”
A closer look behind the numbers reveals that these may not be such “scary” numbers after all.