Kai Pfaffenbach
- US credit card debt hit $1 trillion for the first time ever this year.
- That's actually not excessive when considering factors like wage growth, experts told Insider.
- Economists say a consumer debt crisis is unlikely, unless the US tips into a steep recession.
America's collective credit card bill has never been higher — but despite the eye-popping dollar amount, the consumer debt situation isn't as bad as it seems, experts told Insider.
The $1 trillion milestone for US credit card debt was met with concern from commentators earlier this year, who feared that Americans' spending habits are becoming unsustainable, especially amid dwindling pandemic savings and an uncertain economic outlook.