Total outstanding credit card debt is set to hit $1 trillion in 2016, a level not seen since 2008 when the financial crisis was heating up. During the first quarter of 2016, credit card debt stood at $951.6 billion, according to the Federal Reserve, nearing its all-time peak of $1.02 trillion in July 2008. But Brooke McGeehan, a vice president of financial planning at RBC Wealth Management, doesn't think the data suggest another credit crunch is brewing. "We're in a much different place now than where were in July of 2008," she said.
Comment on 1Q Credit Card Debt Nears Historic $1 Trillion Peak
twocents@thestreet.com (Scott Gamm), The Street
Fri, 05/27/2016 - 9:15am
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