Americans Went On An $18.4 Billion Credit Spree In The Second Quarter, Says CardHub

credit card debt

Photo: xJasonRogersx

Consumers’ credit card debt hit $18.4 billion last quarter, reports CardHub–368% more than the same quarter in 2009, and 66% more than a year ago.The last time consumers charged this much was in 2008 when their balance hovered around $25.2 billion, notes Yahoo! Finance.

The hike in spending may be tied to an increase in bank cards being issued. Subprime borrowers presenting a greater risk to banks received more cards, and between January and May of this year, around 15 million new credit cards were issued, the “highest level,” CNN Money says, since the recession began in 2008.

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