Just when you thought US consumers had finally learning their lesson, and had stopped buying stuff they can’t afford with money they don’t have… we got the latest consumer credit data which collapsed that particular thesis in a millisecond.
After two months ago we saw an unprecedented halt to growth in both revolving credit (i.e., credit card) growth – which rose by just $1 billion (since revised to $4 billion) – as well as non-revolving (i.e., auto and student loans) which practically actually shrunk by $1 billion – in January things were seemingly back to the American normal, as total consumer credit surged by $19.5BN, compared to the $0.9BN downward revised December print (from $1.561BN originally), driven by a powerful rebound in both credit card and auto loans. Things then continued on autopilot: moments ago the Fed reported that in February consumer credit rose by $14.125BN, roughly flat from the downward revised $17.684BN in January, driven by a powerful surge in revolving credit even as growth in non-revolving credit unexpectedly faded.
Starting at the top, revolving credit in February rose by $11.3 billion, up from an upward revised $8.6 billion…
Bidenomics!
Be careful who you vote for in November!
Yup, and you pitiful slaves just keep on charging more and more because you just don’t get how the compounding interest scam works! Most of you shouldn’t ever use credit cards, but you just won’t give up your lazy stupid lifestyles. Well don’t say I didn’t warn you a long time ago but you just don’t listen. Ignorance is bliss I guess, until they take your house anger your car and garnish your wages. And it’s coming sooner than you think!
Gee Jack……………….what school did you go to? You know so much about everything, You are like a walking, talking dictionary or encylopedia.
he knows everything ecept how to fix it