US credit card debt sur­passes US$1tril

New Straits Times - - Business -

NEW YORK: Amer­i­can con­sumer credit-card debt just passed an omi­nous mile­stone, beat­ing a record set just be­fore the global fi­nan­cial sys­tem al­most col­lapsed in 2008. Out­stand­ing card loans reached US$1.02 tril­lion (RM4.37 tril­lion) in June, data from the Fed­eral Re­serve show. In 2008, a drop in home prices spi­ralled into a global fi­nan­cial melt­down, and af­ter the job­less rate surged to­wards 10 per cent, banks wrote off more than US$100 bil­lion in credit-card loans over the next two years.

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