According to research from CardHub, a search tool that specializes in helping users find and apply for credit cards, consumers went on borrowing binge during the second and third quarters of this year, racking up $53.3 billion in new credit card debt over the period.
It's difficult to tell why consumers decided to splurge this year.
Consumers started the year well, repaying $35 billion in credit card debt during the first quarter. However, almost all of this gain was wiped out during the second quarter as consumers took on $32 billion in new balances, and then followed that up by adding $21.3 billion to the tab during Q3. If this trend continues, CardHub projects that the sector will end 2015 with a net increase of $68.5 billion...
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