The Consumer Financial Protection Bureau on Wednesday reported that outstanding consumer credit card debt last year had surpassed the peak set during the recession.
Credit card debt hit $807 billion in the fourth quarter of 2016, according to the 352-page report released by the agency. Consumers held average credit card balances of more than $4,800 at the end of last year, the highest figure the CFPB found in its data, which runs through mid-2017.
The report noted that large banks had a return on credit card assets last year that was three times the overall return on assets for commercial banks.
Competition for credit cards with rewards has heated up. Annual rewards spending among the six largest credit card issuers more than doubled to $22.6 billion in 2016, from $10.6 billion in 2010, the CFPB said.
Read more in American Banker.