US credit card debt nearing $1 trillion

Photo: CNN

WASHINGTON, D.C. (KRON) — US credit card debt is closing in on the $1 trillion mark for the first time in nearly eight years, according to federal officials.

Outstanding credit card balances reached nearly $952 million in the first three months of this year.

That is up 6 percent from the same time a year ago. The latest figure is close to the record $1.2 trillion debt reached in July 2008.

That number was reached just before the global financial crisis struck the US.

Experts are blaming the spike on consumers showing a growing desire to carry debt, as well as banks pushing customers to use their credit cards.

CNN contributed to this report

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