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. 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.
- Mike Regan, Bloomberg Gadfly columnist covering equities and financial services. He tweets @Reganonymous.
Copyright 2020 NPR. To see more, visit https://www.npr.org.