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Average balance hits $6,200 and limit is $31,000



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Americans may have a love-hate relationship with their credit cards, but that’s not preventing them from piling on debt.

The country’s outstanding credit card and other types of revolving debt have jumped almost 20% from a decade ago, reaching an all-time high of about $1.1 trillion, according to a recent study from CompareCards.

The average balance on a credit card is now almost $6,200, and the typical American holds four credit cards, according to the credit bureau Experian. Credit card issuers are also giving Americans more room to run up debt, boosting the typical credit limit by 20% over the last decade to $31,000.

America's  outstanding credit-card and other types of revolving debt have jumped almost 20% from a decade ago, reaching an all-time high of about $1.1 trillion, according to a recent study from CompareCards.

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The reasons for the spike in credit card debt are complicated and potentially worrisome, financial experts say. A middle-class lifestyle has become more expensive with the cost of health care and education outpacing wage growth, prompting more households to rely on their cards to cover emergency expenses and daily spending, experts say.



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Brett loves to read and write about business and thus, has some of the best contents regarding business penciled down for a number of reputed portals. Brett has successfully completed 2 Years with the Healthcare Industry Reports portal. He plans to have a part-time course chosen for all the juniors to be educated in the field of writing. Brett shifted to writing almost immediately after the completion of a degree in Business Administration. He plans to share his skills through writing. Brett’s career choice seems to have been excellent as we are being blessed with some of the most informative articles on a constant basis.

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