Could 2016 be the next 2008 for credit card debt? It's possible, according to new research by CardHub.
America's outstanding credit card debt surpassed estimates in 2015, climbing to $917.7 billion, up from a forecast of $900 billion, the credit card comparison website said on Monday.
In 2015, consumers amassed around $71 billion in credit card debt, up 24 percent from the previous year. In the fourth quarter alone, consumers racked up $52.4 billion in credit card debts, nearly the cumulative amount of debts owed to credit card companies in 2014, which reached $57.4 billion.
"With 8 of the past 10 quarters reflecting year-over-year regression in consumer performance, evidence is mounting to support the notion that credit card users are reverting to pre-downturn bad habits," Odysseas Papadimitriou, CEO of CardHub, wrote in the report.