Boston, April 19, 2018 – In the months preceding the financial crisis of 2008, U.S. household debt had just surpassed a new high of US$12 trillion, with nonhousing debt making up US$2.62 trillion. While the current housing debt remains relatively flat to the prerecession numbers, the nonhousing debt has grown 31% in the last 10 years. The larger concern is that two-thirds of that debt, or US$2.21 trillion, is unsecured debt. Could this be a warning sign of a looming economic correction?
This Impact Note analyzes the current composition of and the trends in U.S. credit card debt based on a quantitative survey of U.S. consumers. The methodology employed for this research includes a U.S. consumer online survey representing 1,669 credit card users and leverages Aite Group’s existing body of research as well as desk research of the overall credit card industry.
This 17-page Impact Note contains 10 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions the Consumer Federal Protection Bureau, Federal Reserve, and the U.S. Department of Labor.