Credit Card Debt Keeps Surging Even As Interest Rates Hit Record High
One month after we saw the second biggest surge in credit card debt (which took place just as it appears US consumers had hit the brakes on credit-fueled spending), coupled with a sharp slowdown in student and auto loans, the latest consumer credit data just released by the Fed reveals… more of the same.
In the month of April, total consumer credit rose by $23.1 billion to a new record high $4.860 trillion, up 6.8% Y/Y.
Of this, revolving credit jumped by $13.5 billion, a modest drop from last month’s $14.8 billion (the original revolving print for March of $17.6 billion which was the 2nd highest on record, was revised lower by just under $3 billion), and bringing total credit card debt to a new record high of $1.244 trillion, up 13.1% from the previous year…
🔗Source: Zerohedge
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