Consumer Credit
Potential Credit Card Calamity?
In August, revolving credit increased by a staggering 18.1% as total consumer debt surged to a record $4.68 trillion, according to the latest consumer credit data from the Federal Reserve. Total consumer debt increased by $32.2 billion in August, an 8.3% increase on an annual basis. That was well above the $24 billion projection. In July, it appeared debt growth was cooling slightly, but the August data showed a big jump from July’s 6.8% increase. The Federal Reserve consumer debt figures include credit card debt, student loans, and auto loans, but do not factor in mortgage debt. When you include mortgages, US consumers are buried under more than $16 trillion in debt.







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