Shocking Consumer Credit Numbers: Credit Card Debt Soars With Savings Long Gone

Shocking Consumer Credit Numbers: Credit Card Debt Soars With Savings Long Gone Hello people in the world, today Random Find Truth will provide information about the correctness and important updated opinions that you must read with the title Shocking Consumer Credit Numbers: Credit Card Debt Soars With Savings Long Gone that has been Random Find Truth analysis, search and prepare well for you to read all. Hopefully information from Random Find Truth about Articles Prophecy, the Random Find Truth write you can make us all human beings who are knowledgeable and blessed for all.

Title : Shocking Consumer Credit Numbers: Credit Card Debt Soars With Savings Long Gone
Link : Shocking Consumer Credit Numbers: Credit Card Debt Soars With Savings Long Gone

While it is traditionally viewed as a B-grade indicator, the recent consumer credit report from the Federal Reserve was an absolute stunner and confirmed what we have been saying for month: any excess savings accumulated by the US middle class are long gone, and in their place Americans have unleashed a credit-card fueled spending spree.

Here are the shocking numbers: in November, consumer credit exploded by a whopping $41.8 billion, more than double the expected $18.1 billion print, nearly five times more than the upward revised $8.9 billion January number (revised from $6.8 billion), and the highest on record!

And while non-revolving credit (student and car loans) surged by a near record 23.8 billion, the third highest on record...

The real stunner was revolving, or credit card debt, which soared nearly six-fold February to $18 billion from $3.1 billion in January, the second highest print on record, just in time for those credit card APR to starting moving higher, first slowly and then fast.

While this unprecedented rush to buy everything on credit at a time when there were no notable Hallmark holidays should not come as much of a surprise, after all we have repeatedly shown that for the middle class any "excess savings" are now gone, long gone...

The fact is that most economists - such as those at Goldman Sachs - had previously anticipated that continued spending of savings by consumers (who they fail to realize are now tapped out) is what will keep the US economy levitating in 2022. READ MORE