© 2020 WFAE
90.7 Charlotte 93.7 Southern Pines 90.3 Hickory 106.1 Laurinburg
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Banks Bet On Plastic As U.S. Credit Card Debt Nears $1 Trillion

As American consumers swipe and scan their credit cards more often, card debt is climbing back towards its pre-recession peak of $1.02 trillion. (Frankieleon/Flickr)
As American consumers swipe and scan their credit cards more often, card debt is climbing back towards its pre-recession peak of $1.02 trillion. (Frankieleon/Flickr)

As American consumers swipe and scan their credit cards more often, card debt is climbing back towards its pre-recession peak of $1.02 trillion. U.S. credit card balances are headed for $1 trillion this year, a sign perhaps that the economic recovery has soothed consumers’ concerns about carrying debt. But as Americans pile higher balances onto their credit cards and auto loans, some economists worry another recession or economic shock could set off a cascade of defaults.

Bloomberg’s Mike Regan joins Here & Now’s Jeremy Hobson for a look at why consumers appear to be growing more comfortable with debt, the booming business of credit cards, and what that might say about the economy at large.

Guest

Copyright 2020 NPR. To see more, visit https://www.npr.org.

We Need Your Help Now More Than Ever

WFAE mask

Our newsroom is hard at work covering everything from the ongoing coronavirus pandemic to the aftermath of the election, the race for a vaccine and our communities' fight to rebuild. But we can't do it without you. Support our local journalism with a donation of ANY amount, and we’ll send you a free WFAE member mask courtesy of AllDayMask.com of Monroe.