Credit card debt will cost us an extra $1.46 billion in interest in 2018, study says

Here's how a new credit card will affect your credit at every stage of the process That new credit card will have an immediate impact on your FICO score It does matter how many cards you accumulate in short period of time You may notice a dip in your score - but it could be brief Use your credit cards in a way that will help build your credit score Carrying a balance on your credit card does not improve your credit score

As of the third quarter of the year (or Q3 2017), outstanding credit card debt is at its second-highest point since the end of 2008.

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According to analysts at personal finance website WalletHub, the country will likely rack up more than $50 billion in new credit card debt by the end of the year, meaning we would owe more than $1 trillion in credit card debt overall.

And due to the latest Federal Reserve rate hike, people with credit card debt will see approximately $1.46 billion in extra interest charges in 2018.

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“When you factor in the four previous rate hikes, credit card users will wind up paying around $7.4 billion more in 2018 than they would have otherwise,” WalletHub analysts wrote.

Analysts also expect interest hikes for mortgage and auto loan rates.

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In Q3 2017, the nation added $22.2 billion in credit card debt, 46 percent higher than the post-Great Recession average and the highest accumulation in a third quarter since 2007.

Last year, the U.S. ended with $87.2 billion in new credit card debt overall, the most for a year since 2007 and 130 percent higher than the post-recession average.

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Here’s a look at the average credit card debt per household in Q3 2017 vs. Q3 2016, according to WalletHub:

Average credit card debt per household, according to WalletHub.

Credit: Screenshot: WalletHub

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Credit: Screenshot: WalletHub

Read more about the Federal Reserve tax hike and WalletHub's credit card debt study.

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