It has been revealed that many American households are creating mounting levels of debt, as income fails to keep up with spending. According to a new report, which collates data from the Census Bureau and the Federal Reserve Bank of New York, the average outstanding credit card balance per household is now $16,061.
The last time credit card debt was this high was in 2008. In 2002, the average household debt, when taking mortgages into account, was $88,063. This has now soared to $132,529. The figure is unsurprising when the cost of living is taken into account - this has increased by 30 percent during the same period. Income levels have grown by only 28 percent, and that two percent discrepancy has affected many families.
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