The average annual cost of credit card debt in the United States rose by $2,400 in 2015, according to a new report.
Credit card companies report that their consumer spending in the first quarter of 2016 will be up by $4,300, or about 1.5 percent.
That’s a 10.6 percent increase.
Credit cards have become the number one cause of consumer debt and the largest source of consumer loan defaults in the U.S., according to the Consumer Federation of America.
The report was compiled by CreditCards.com and found that in 2015 and 2016, consumers used $3.5 billion in credit cards and loans to finance purchases and pay for purchases.
The number of consumers who say they’ve gone into default on credit cards rose to 16.5 million from 16.1 million in 2015.
CreditChips.com found that consumers are spending more on credit card products this year than they have in years past, and consumers are more likely to take out more debt than they did last year.
The average amount consumers are paying on creditcards rose $5,300 to $7,500, according a report by the credit card industry’s trade group.
That is a 25 percent increase over 2015, and a jump of nearly 1,000 percent over the last five years.
CreditCardReport.com said the number of cardholders who were in default on their cards rose last year by 7.5 percentage points to 13.6 million.
The industry group said the increase in the number in default will likely continue in the coming years.
The total amount of consumer credit card defaults in 2015 was $6.9 trillion.
The American Consumer Credit Association said in a statement that the study shows that Americans are continuing to be at risk of defaulting on their credit card balances.
A person can default on a credit card in the event of a sudden illness, bankruptcy, divorce, or other unforeseen circumstances.
However, the American Consumer Bankruptcy Institute said that in some cases the individual is able to make payments on their balance on time, and in some other instances they are not.
In addition, the institute said that credit card companies are making it easier for people to get relief from credit card bills by eliminating the risk of paying interest on consumer debt.
The Consumer Financial Protection Bureau has also launched a tool to help consumers with a credit repair process, the CFPB said.
The CFPb is working with credit card issuers and credit card processors to develop and roll out a comprehensive solution that will help consumers get relief for credit card and other consumer debt they owe.
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