Americans Driving Economy With Borrowed Money
Americans are driving the US economy along with borrowed money.
The question is how much longer can it last?
Consumer debt surged once again in December as Americans charged up their credit cards for the holidays. Total consumer credit grew by $22.1 billion in December, according to the latest data released by the Federal Reserve. That represents an annual growth rate of 6.3%. Total consumer debt now stands at a record $4.197 trillion.
The Fed consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt.
A big jump in credit card balances