U.S. consumer debt nears record

Updated: Mar. 15, 2017 at 9:13 AM CDT
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(WMC) - U.S. consumers racked up $89.2 billion in credit card debt during 2016, pushing outstanding balances to $978.9 billion. That's roughly $3 billion below the all-time record set in 2007, according to WalletHub's latest Credit Card Debt Study, based on Federal Reserve data.

As a result, WalletHub.com projects that in 2017 we will surpass the current record by at least $100 billion.

The average indebted U.S. household now owes $8,377 to creditors. WalletHub has tips on how to manage your debt:

  1. Make a budget, and stick to it.
  2. Build an emergency fund.
  3. Improve your credit score.
  4. Try the “island approach” for better card terms.
  5. Pay off debt with the “snowball” approach.

For the full report and a complete explanation of these tips, click here.

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