Personal Credit Card Debt Soars

[jeffrey]

Just when it looked like consumers were finally ready to tackle their personal credit card debt with a decline of 3% in August, personal revolving credit card debt soared in the other direction at a 10% clip in September. In September alone, consumers added approximately $6.2 billion to their revolving debt, with the vast majority going on their credit cards.

According to the Federal Reserve, Americans owed a total of $748.3 billion in revolving credit at the end of September compared to $742.1 billion at the end of August and Americans were a whopping $2053.3 billion in debt not including their home mortgages.

With the winter holiday shopping season just around the corner, these numbers are expected to increase even further showing that the holidays are quickly becoming the "season of debt" instead of the "season of dreams."