Consumer credit hits $3.08 trillion

Consumer credit hits $3.08 trillion

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After a few months of wild swings, in January US consumer credit normalized rising by $17 billion, in line with expectations, following December’s $15.4 billion increase. The continued increase in borrowings saw total credit storm above $4 trillion, and hitting a new all time high of $4.034 trillion on the back of a America’s ongoing love.

Total consumer debt rose by $176 billion in Q2, a 4.8% year-on-year increase. That pushed total debt to a record $3.87 trillion, according to numbers released by the Federal Reserve. These figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt.

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Student loan debt has surpassed total credit card debt in the U.S. This year’s graduating class of college seniors had the highest average debt to date, and that total amount is projected to reach.

Overall consumer debt reached $13.3 trillion in the last quarter of 2018, while the total amount of unused revolving limits hit $4.1 trillion. Record-setting numbers, based on Experian data from the fourth quarter of 2018, spanned several credit categories:

And while the reversal in June credit card use may prompt fresh questions about the strength of the US consumer despite the latest upward revision in the personal saving rates, one place where there were no surprises, was in the total amount of student and auto loans: here as expected, both numbers hit fresh all time highs, with a record $1.605.

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Total consumer credit outstanding increased $13.8 billion to $2.848 trillion for June, according to a federal reserve consumer credit report (link opens a PDF) released today. After bumping up a.

Bank of America – Global bank with industry-leading consumer and Wealth Management businesses With $2.4 trillion in assets. banking (deposits, loans, credit cards to consumers and small.

Consumer Credit Hits $4 Trillion As Student, Auto Loans Hit All Time High.. 593 trillion in student loans outstanding, an impressive increase of $10.3 billion in the quarter, while auto debt also hit a new all time high of $1.155 trillion, an increase of $9.5 billion in the quarter..

In July, consumer credit increased at a seasonally adjusted annual rate of 6-3/4 percent. Revolving credit increased at an annual rate of 11-1/4 percent, while nonrevoving credit increased at an annual rate of 5-1/4 percent.

The combined total was effectively $3 trillion. Complexities and history aside, the Sustainable Growth Rate (SGR) deficit is on the books, it is all healthcare spending. Just like consumer.

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