Congratulations Debt Slaves! You Owe the Banks a New Record Amount of Money

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Consumer credit hit another all-time high today of nearly $4.1 trillion.

Congratulations Debt Slaves!

Today's G19 Fed report on Consumer Credit shows that you owe the banks and other creditors yet another record high amount of money.

Consumer Credit

  • Total: $4.1 Trillion
  • Revolving: $1.1 Trillion
  • Non-Revolving: $3.0 Trillion

Well Done.

Mike "Mish" Shedlock

Comments (47)
No. 1-19
xil
xil

cue the fireworks

lol
lol

Inflation/shrinkflation hittin hard,prices are rising...……..ALMOST DAILY!Govt is constantly (almost daily)tryin to nickel amd dime you with fee increases,toll increases,sneaky tax increases as prices /costs soar,ffood,insurance,cable omg!!!

Tengen
Tengen

Best economy ever! You know, if I were allowed to run a country with $1.2T annual deficits and fostered massive credit card debt for individual consumers, I bet I could build a nice looking Potemkin village too.

If the Fed slashes to zero or below in the next few years, we'll really be off and running!

Sechel
Sechel

we live in a debt society. i feel like a throw-back. no mortgage, loan outstanding or credit card debt, paid it all off. anyone remember dave ramsey? a paid off mortgage is the new bmw? oh and i own, i don't lesae. i eschew leases

Six000mileyear
Six000mileyear

The major change over time is how revolving credit went from 5.6% to 26.8% of the total consumer credit. This is bad for the economy since it has the highest interest rate, which means more of a household's budget will go toward interest repayment and less toward purchases.