WASHINGTON–A new Credit Card Debt Study released by WalletHub has found consumers racked up $35.6 billion in credit card debt during Q2 2019 – an all-time record for the second quarter of the year.
WalletHub had earlier released a Fed Rate Cut Survey that found a Federal Reserve interest rate cut on Sept. 18, which seven-in-10 people support, would save people with credit card debt $1.6 billion in the next year alone.
Among the findings of the Credit Card Debit Study:
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Record Debt Nationally. U.S. consumers added $35.6 billion in new credit card debt during the second quarter of 2019 – the largest second-quarter build-up ever. WalletHub projects that consumers will end the year with a net increase of $70 billion in credit card debt.
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High Interest Rates: Not surprisingly, 68% of Americans say the interest rates on their loans are too high.
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Consumer Debt: The average household currently owes $8,602 in card debt.
- Mixed Consumer Sentiment: 41% of people say they will feel more confident in the economy if the Fed cuts its target rate in September.
According to WalletHub, the states with the biggest Q2 debt increases were California, Texas, Florida, New York, and Illinois. The states with the smallest Q2 debt increases were Delaware, South Dakota, North Dakota, Wyoming and Vermont.