Credit card debt in the United States is approaching $1 trillion, according to a study by CardHub.com, a company that tracks consumer financial issues.
Card-Hub reports evidence is mounting that credit card users are reverting to pre-downturn (pre-2008) bad habits.
While U.S. consumers were riding a wave of prosperity in the years before 2008, however, now they may be using credit cards just to keep up with expenses.
“My understanding,” Harrow said, “is that the cost of living in many big urban centers is outpacing the median salary. This is sure to cause many people to supplement their income with a credit card, thus driving credit card debt.”
…just one of many signs of economic turbulence.