Friday , 28 February 2020

U.S. Credit Card Debt Hits New All Time High!

…On the back of America’s ongoing love affair with auto and student loans and, of course, credit cards February’s total credit…hit a new all-time high of $4.045 trillion…

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Revolving credit increased by $3.0 billion, an increase from January’s $2.6 billion, rising to $1.061 trillion, a new all-time high in total credit card debt outstanding.

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There was a small decline in the monthly increase in non-revolving credit, i.e. student and auto loans, which jumped by $12.2 billion, down from the $15.1 billion increase in January, and bringing the nonrevolving total also to a new all-time high of $2.984 trillion.

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…[The] total amount of student and auto loans…hit fresh all-time highs, with a record $1.569 trillion in student loans outstanding…while auto debt also hit a new all-time high of $1.154 trillion…

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Editor’s Note: The above excerpts* from the original article have been edited ([ ]) and abridged (…) for the sake of clarity and brevity. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

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(*The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.)


One comment

  1. It would be revealing (and instructive) if the graph could, along with steadily rising credit/debt, show liquidity available to pay off/retire it.