US credit card debt is at the highest that it has been since the end of 2008.

The recent holidays helped to push the total over the $1.02 trillion mark, though this isn't the first time that consumer credit card debt is said to have passed the $1 trillion dollar threshold. And despite the holidays now being over, millions will still be paying for it for many months yet to come.

Over the holiday, consumers on average were spending about $1,054 on their expenses with their credit card. And this is on top of the average household US credit card debt that's estimated for Americans, the median debt is roughly $15,654 on credit cards.

Around the end of September 2017, credit card debt allegedly stood around $808 billion, according to the Federal Reserve and the Fed has said that it plans to have 2-3 quarter point hikes this year. With each hike, it's estimated that about $1.5 billion will be added to credit card interest charges.

Along with the debt from credit cards, there is about $1.36 trillion in student loan debt, another $1.21 trillion in auto loan debt, and more than $8 trillion in mortgage debt.

Previous survey's have found that about 17 percent of those currently struggling with debt say that it's because they had to put unexpected medical costs on credit. And it might be even higher numbers than that. A separate survey found that it was about 37 percent of respondents who said they were in debt because of medical bills.

It's estimated that only about 1 in 5 Americans are able to pay off their credit card balance in full every month.

Most of the debt allegedly belongs to men, but that's because they are said to make more expensive purchases, while women make smaller but more frequent purchases.

Millions of people are facing a black hole of debt that they'd like to get rid of and one of the most popular resolutions for many people this new year is the goal to get their finances in order: save more, spend less, and pay off debt.

Financial experts have been seizing the opportunity to suggest that this news could play as a reminder for many that perhaps it's time to focus on their debt and try to get it paid off. Having debt limits the ability to save and really limits a persons ability to deal with any emergency that might come up.

It Can Also Provide An Inflated Sense Of Purchasing Power...

But not everyone is worried about the problem just yet. Some have suggested that the high amount of debt is only a warning sign rather than a financial stability issue and many financial analysts maintain that the massive debt doesn't pose any risk to the economy; on the contrary they think it's a sign of confidence.

Others insist that it's terrible news for the future and a sign that there's a need for change. And for those who are already struggling to pay down their debts, they might find it surprisingly more difficult to reach their goal of being debt-free if interest rates go up.

Pics:
Pixabay
S&P/Experian via Bloomberg

Sources:
http://www.businessinsider.com/consumer-credit-debt-rises-in-november-2018-1
https://www.marketwatch.com/story/us-households-will-soon-have-as-much-debt-as-they-had-in-2008-2017-04-03
http://www.washingtonexaminer.com/us-banks-buoy-reserves-as-credit-card-debt-hits-102-trillion-record/article/2645320
https://www.cnbc.com/2017/07/11/credit-card-users-rack-up-over-1-trillion-in-debt.html
https://finance.yahoo.com/news/average-us-household-owes-15654-credit-card-debt-171830579.html
https://finance.yahoo.com/news/enjoy-life-fullest-2018-top-100414863.html
https://www.cnbc.com/2017/11/06/many-gift-givers-wont-spend-more-than-50-this-holiday-season.html
https://www.bankrate.com/credit-cards/total-us-credit-card-debt/
https://www.cnbc.com/2018/01/05/how-to-knock-out-holiday-credit-card-debt.html
https://www.bloomberg.com/news/articles/2017-08-10/in-debt-we-trust-for-u-s-consumers-with-12-7-trillion-burden
https://www.usatoday.com/story/money/2018/01/08/credit-card-debt-hits-new-record-raising-warning-sign/1014921001/
https://www.cnbc.com/2018/01/02/americans-racked-up-more-than-1000-in-holiday-debt.html
https://www.wsj.com/articles/the-nations-credit-card-tab-hits-1-trillion-1491593929

Holiday Spending Pushes US Credit Card Debt Over $1 Trillion

US credit card debt is at the highest that it has been since the end of 2008.

Along with the debt from credit cards, there is about $1.36 trillion in student loan debt, another $1.21 trillion in auto loan debt, and more than $8 trillion in mortgage debt.

It's estimated that only about 1 in 5 Americans are able to pay off their credit card balance in full every month.

It Can Also Provide An Inflated Sense Of Purchasing Power...

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