After a surprising slump in the use of revolving debt in September, when US consumers unexpectedly paid down a total of $23 million (revised)on their credit cards, followed by a sharp rebound in credit card usage in October, moments ago the Fed reportedthat in November, the surge consumer credit continued, rising by $22.1 billion, above the $17.5 billion expected, after October's whopping $25 billion increase as non-revolving credit surged by the most since December 2017. The surge in borrowing in November brought the total to $3.979 trillion, new all time high, largely on the back of a newfound love with auto and student loans.
After a brief, one-month dormancy in credit cards usage in September, American consumers have clearly returned to doing what they do best - spending money they don't have - with revolving credit jumping by $4.8 billion, one month after it surged by $9.3 billion. The latest monthly increase brought the total credit card debt to a new all time high of $1.042 trillion.
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Plan accordingly and responsibly to stay safe and alive. Do NOT have credit card debit!
ReplyDeleteIt is smart to use a credit card that offers rewards if you pay what you owe when due. I not sure if these statistics tallied those who use credit cards but don't carry a running balance.
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