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