America’s credit card debt has reached more than $1 trillion—the highest level since the country’s last recession in 2008, according to new data from the Federal Reserve.
The higher level of consumer borrowing means people are spending more on big-ticket purchases such as cars, and is considered a positive sign for the economy, according to the Wall Street Journal.
Consumers in the U.S. now owe a total of $1.0004 trillion on credit cards. This is 6.2% more than a year ago and up 0.3% from January this year.
