CardHub today released its 2014 Credit Card Debt Study, which revealed that consumers ended 2014 with a record $57.1 billion net increase in credit card debt – 47% more than 2013 and 55% more than 2012.
Here’s what they found:
- $45.5B: U.S. consumers incurred $45.5 billion in credit card debt during the fourth quarter alone, marking six consecutive quarters with year-over-year debt load increases.
- $7,200: While defaults are at a six-year low, the average household’s credit card balance – nearly $7,200 as of the end of 2014 – is growing dangerously close to the $8,300 tipping point previously identified by CardHub as being unsustainable.
- $180B: Consumers have now racked up close to $180 billion in credit card debt following the nearly debt-neutral years of 2009 and 2010.
- $60B: CardHub now projects a credit card debt increase of more than $60 billion in 2015.