WASHINGTON (3/13/15)--Credit card debt held by U.S. consumers topped $57.1 billion in 2014--the sixth consecutive quarter of year-over-year increases in debt load, according CardHub's 2014 credit card debt study.
The 2014 level is 47% higher than 2013 and 55% higher than 2012, and CardHub projected that more than $60 billion in new credit card debt will be incurred this year.
At year end, the average household's credit card balance stood at $7,200--"dangerously close" to the unsustainable level of $8,300, according to the credit card research site.
Defaults, however, are at their lowest level in the six years CardHub has tracked the data. This indicates that consumers have the financial wherewithal to remain current on their obligations, CardHub noted.
The Federal Reserve reported U.S. consumer credit balances outstanding increased 6.9% in 2014--the largest annual increase since 2006 (News Now Feb. 9).