(WMC) - U.S. consumers racked up $89.2 billion in credit card debt during 2016, pushing outstanding balances to $978.9 billion. That's roughly $3 billion below the all-time record set in 2007, according to WalletHub's latest Credit Card Debt Study, based on Federal Reserve data.
As a result, WalletHub.com projects that in 2017 we will surpass the current record by at least $100 billion.
The average indebted U.S. household now owes $8,377 to creditors. WalletHub has tips on how to manage your debt:
- Make a budget, and stick to it.
- Build an emergency fund.
- Improve your credit score.
- Try the “island approach” for better card terms.
- Pay off debt with the “snowball” approach.
For the full report and a complete explanation of these tips, click here.