America’s $1 Trillion in Credit Card Debt is Terrible News for Our Future

American consumers have hit a major milestone this summer: we now have the highest amount of revolving credit debt in U.S. history. As of June, Americans had $1.021 trillion in outstanding revolving credit, according to data from the Federal Reserve. That is nearly equivalent to the gross domestic product of Russia. Of the $1.021 trillion in outstanding revolving credit, $1 trillion is credit card debt. Prior to June, the record for outstanding revolving credit was $1.020 trillion, set in April of 2008.