U.S. consumers are pulling out the plastic and running up their credit card debts again. Bank of America Merrill Lynch says consumer loans have jumped 11.2 percent this year.
More Americans are building up revolving debt; credit card debt they’ve been trying to pay over the last few years.
Revolving debt is up around 13 percent and outpacing consumer loans for the first time since the financial crisis. Americans may be reverting to the their pre-recession habits. Average debts in 2015 hit levels not seen since the Great Recession with households owing an average of 7,880 dollars.
In 2015 a study found credit card debt balooned to 71 billion dollars, a 24 percent increase from the previous year.
CCtV America’s Michelle Makori interviewed Deacon Hayes, financial expert and founder of Well Kept Wallet about U.S. Credit card debt.