Skip to main content
Black Listed News
Trending Articles:
Trending Articles:

US Credit Card Debt Surpasses Financial Crisis Record, As Student And Auto Loans Hit New All Time High

Published: August 7, 2017
Share | Print This


Source: Zero Hedge

Who would have expected that today's otherwise boring monthly consumer credit report would be the day's most exciting event. Well, moments ago the monthly update from the Federal Reserve confirmed that as of the end of June, total revolving (i.e. credit card) credit rose to $1,021.7 billion, an increase of $4.1 billion on the month, and a new all time high, taking out the previous record high set during the summer of 2008.

 

 

Coupled with the monthly $8.3 billion increase in non-revolving credit, which also rose to an all time high of $2,834.1 billion...

 

 

... means that total consumer credit in June increased by $12.4 billion, slightly less than the $13.9 billion expected and modestly less than the $18.4 billion increase in May, to $3,855.8 billion, also a record high.

 

 

Taking a closer look at the quarterly update in non-revolving debt, we find that for another consecutive quarter, both student and auto loans hit record highs, of $1.450 trillion and $1.131 trillion respectively, although there does appears to be a modest slowdown in credit issuance for these two largest categories.

 

 

Considering the recent sharp revision to the US household savings rate, which wiped out $250 billion in personal savings with the stroke of an excel pen...

 

 

... the fact that US households increasingly have to rely on their credit cards to support their daily lives will hardly come as a surprise.

 

Share This Article...


Emigrate While You Still Can! Learn more...




SIGN UP TO GET BLACKLISTED NEWS DELIVERED RIGHT TO YOUR INBOX

More Blacklisted News...

Blacklisted Radio
Blacklisted Nation
On Twitter
On Reddit
On Facebook
Blacklisted Radio:
Podcasts on Youtube
Podcasts on Demand
Podcasts on Spreaker
Podcasts on Stitcher
Podcasts on iTunes
Podcasts on Tunein

Our IP Address:
198.245.55.242

Sponsors:
good
longboard
brands


ONNIT Labs





BlackListed News 2006-2017