Credit Card Debt Increased by $8 Billion in May
Americans put more on their credit cards in May than in any single month since November 2007 (the month before the recession began). Credit card debt jumped by $8 billion and the level of outstanding debt is now $870 billion, still far below the level in 2007 and 2008, when outstanding credit card debt was more than $1 trillion (Federal Reserve).
The increase in debt may be a reflection of the economy as families still struggle with unemployment and stagnant wages. The recession began almost five years ago, but consumers remain cautious with credit card debt as delinquency and defaults rates continue to fall.