Americans' outstanding credit card debt just hit a new record at $1.0217 trillion, the Federal Reserve disclosed Monday. The previous record was set about a decade ago, according to Bankrate.
"This record should serve as a wake-up call to Americans to focus on their credit card debt. Even if you feel your debt is manageable right now, know that you could be one unexpected emergency away from real trouble. Get that debt paid down while things are good so you can be better prepared if things turn for the worse," said Matt Schulz, CreditCards.com's senior industry analyst.
"We simply can't keep taking on credit card debt forever without it causing major problems. This record probably won't be a major tipping point, but it likely isn't too far off."
So much for lessons learned from the Great Recession.
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