Perhaps Americans should add “paying off debt” to their New Year’s resolution lists. This year marked an unwelcome milestone for consumers, with credit card debt reaching a new high. As of June 2017, Americans owe a record $1 trillion on their credit cards
To make matters worse, many American households are having trouble paying off that credit-card debt, according to a new study from credit reporting agency TransUnion TRU, +0.13%.
Delinquencies on credit card balances are expected to rise in 2018, despite an improving economy. “It’s really striking how much credit-card debt is weighing on American households,” said Kimberly Palmer, a credit-card expert at the personal finance company NerdWallet.