The US consumer closed out 2017 with a credit bang.
While we reported last month that in November US credit card debt had just surpassed the previous all time high hit in July 2008 just before all hell broke loose when Lehman filed for bankruptcy two months later, there was a slight chance that in December this number had declined after the record surge in November credit-funded spending (which was just revised from $28BN to $31BN).
Well, that did not happen, and while December total consumer credit increased by less than the expected $20BN, it was still an impressive $18.45BN, of which $5.1billion was credit card debt and $13.3 billion non-revolving - or student and auto - loans.
More importantly, with the latest $5.1 billion increase in revolving, or credit card, debt the total is now $1.027.9 trillion, the highest number on record.
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2 comments:
No problem.
Even the commenters don't care.
It just doesn't matter how much money gets printed.
The Fed will continue to print more and more and more until they own everything and everyone.
Life now is just like a game of Monopoly.
Except the banker is cheating.
He is printing $500 bills each time you go to the bathroom.
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