Net Net: Promoting innovation and managing change

US consumers whipping out the credit cards again

One couple's nightmare: $85K in debt and facing retirement

American consumers are running up debt this year and are particularly active with their credit cards.

Consumer loans have jumped 11.2 percent in 2016, more than double the growth last year of 5.4 percent and close to double the highest pace since 2000, according to Bank of America Merrill Lynch. The previous highest was 6.1 percent in 2002.

What's more, the pace of growth is being led by revolving debt, or the credit cards that Americans have been working to pay down over the past several years. For the first time since the financial crisis, revolving debt (up around 13 percent) is outpacing consumer loans, which have gained just shy of 10 percent, BofAML reported.

Read MoreWant a lower credit card interest rate? Just ask

The gains come as bank credit is up 7.1 percent, just ahead of the 7 percent in 2015 and 6.7 percent in 2014. As part of that, loans and leases have gained 8.9 percent, a solid rise from the 7.5 percent and 6.6 percent respective increases in the two previous years, BofAML reported.

Related Tags