Is it okay that Americans have trillions of dollars in credit card debt? Experts say yes
MIAMI -- The Federal Reserve Bank of New York says credit card debt hit a new high of $1.1 trillion from October through December.
LendingTree says the average unpaid credit card balance was more than $6,800 in the fourth quarter.
But some economists say the debt level is not as alarming as it might seem.
They say workers are still commanding robust wage gains, the stock market is on solid footing, and attitudes toward the economy have improved dramatically in recent months.
Economists also say after adjusting for inflation, the current level is nearly 20 percent below the peak it reached in late 2008.
