U.S. consumers paid off nearly $35 billion worth of credit card debt in the first quarter of 2015, which is more than last year, but we still have a long way to go to get out of the red.
Consumers’ payments increased 7% in the first quarter year-over-year, but outstanding credit card debt still stands at more than $831 billion in the U.S. — and we’re set to add a total of $55.8 billion in new debt this year. That’s according to a new study from personal finance website CardHub, which notes that consumers added a total of $57 billion in new debt last year.
While consumers paid off more debt in this year’s first quarter — a period when debt typically gets reduced, thanks to annual bonuses and tax refunds, the CardHub study says — the increase is likely more a factor of the ever-expanding debt load rather…
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