Thanks to aggressive credit card pushing by banks and growing consumer confidence, credit-card debt balances are poised to hit $1 trillion this year, coming close to the all-time peak of $1.02 trillion in July 2008. Consumers are taking on other forms of debt, too. Auto-loan balances surpassed $1 trillion in the first quarter, a record for the industry, according to a report Thursday from credit bureau Experian. Banks are aggressively pushing their plastic and cashing in on the profit from consumers. “Credit cards are the best business in banking,” said Robert Hammer, who runs the consulting firm. (wsj.com)
Americans’ Credit Card Debt to Hit $1 Trillion This Year
