US consumers set new record with $870B in credit card debt

 In News

Credit card debt in the U.S. reached a record $870 billion by the end of 2018, according to a report by Bloomberg.

The total includes a $26 billion increase during the fourth quarter of the year, which pushed credit card debt past the previous record set in 2008.

Currently the U.S. has 480 billion credit cards in circulation, which represents an increase of 26 percent over the 2008 total, Bloomberg said.

Credit cards are the fourth largest category of consumer debt after after mortgages, student loans and auto loans.

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