– Consumer Credit Shocker: November Debt Soars After Second Biggest Surge In Credit Card Debt On Record:
We, and many others, were wondering how it was possible that US consumers – already tapped out beyond a breaking point, with collapsing savings and declining real wages – were able to push holiday spending which started in November and continued until the end of the year – to record nominal highs. Now we know: according to the latest monthly consumer credit report from the Fed, in November, consumer credit exploded higher by $24.75BN, blowing away expectations of a “modest” $9BN increase after the surprisingly subdued $5.8BN (upward revised from $.5.1BN) in October and the $4.3BN average of the past 6 months. This was the biggest monthly increase since last November, and was the first $20BN+ print since Jan 2023.
* * *
PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP