U.S. households paid down $28.6 billion in credit card debtduring the first quarter of 2016, which represented the smallest Q1debt reduction since 2008, CardHub reported.
The company, which offers comparisons of various credit cards,reported that skimpy paydown amount followed a year during whichsome $71 billion in debt was added to cards. That means householdspaid off just 38% of the amount they added to cards in 2015.
CardHub is now projecting those U.S. households will end theyear with about $1 trillion in outstanding balances – the highestever. That projection would bring the amount owed by the averageindebted household to more than $8,500.
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