As the year comes to a close, credit card debt may be getting even higher. With that being said, Iowa consumers and those throughout the country are expected to take on an additional $60 billion in credit card debt for 2014. Experts fear that Americans who have not reached their credit limits are on track to building more debt throughout the holidays.
In the recent quarters, outstanding household debt has increased, especially since more Americans are supplementing gaps in their income by charging their cards. Limited wages and underemployment have contributed to consumers placing basic items such as groceries on their cards. A report from earlier this year indicates that lack of health insurance and job loss are the main indicators that show how low- to middle-income earners will build up credit card balances.