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Record Q1 Credit Card Debt Paydown + Fed Rate Hike to Cost $1.6 Billion

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  • WalletHub

The personal-finance website WalletHub today released two key reports, one showing that consumers repaid $40.3 billion in credit card debt during Q1 2018, the second-biggest quarterly paydown ever, and the other finding that a Federal Reserve rate hike on Wednesday would cost people with credit card debt an extra $1.6 billion this year alone.

Below, you can find a handful of highlights from WalletHub’s Q2 2018 Fed Rate Hike Report and its 2018 Credit Card Debt Study, which is accompanied by a nationally representative credit card survey.

• At 3.80% for Q1 2018, the charge-off rate is up nearly 6% year over year and at the highest point since mid-2012.

• We began the year owing more than $1 trillion in credit card debt for the first time ever, after adding a post-Great Recession record $91.6 billion to our tab in 2017.

• 37% of people think travel is worth getting into debt for, behind just housing (47%) and health care (61%).

• 89% of people say their personal finances are run better than the federal government.

• 41% of people with credit card debt say they’ll pay it off in less than a year.

• The Fed has cost the average homebuyer roughly $42,000, if you assume its six recent rate hikes are fully responsible for the rise in the average mortgage APR since January 2015.

Cities with the Biggest
Q1 Paydowns Cities with the Smallest
Q1 Paydowns
Darien, CT Clarkston, GA
Lake Forest, IL Coachella, CA
Southlake, TX Chelsea, MA
Beverly Hills, CA San Luis, AZ
Dix Hills, NY Cicero, IL

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Tyler Moody

After spending the last few years in television and radio, Tyler Moody comes to REALShreveport.com to head the sports’ department. An Elysian Fields, Texas and Shreveport native, Tyler has followed sports in the area his entire life. From a young age, his love for pure competition grew year after year. “Moody” attended high school in Shreveport at the athletic powerhouse that is Evangel Christian Academy. He was a starting pitcher and garnered multiple all-state accolades along with a 2009 state championship as an Eagle. He has taken the knowledge gained on the field and applied it to his career in sports. An avid fantasy sports player, Moody has become the go-to guy for fantasy talk and advice in the Ark-La-Tex. Now, he hopes to continue to grow REALShreveport.com into Shreveport’s go-to for area sports.

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