Consumer Credit Hits $4 Trillion As Student, Auto Loans Hit All Time High
After a few months of wild swings, in December US consumer credit normalized rising by $16.6 billion, just below the $17 billion expected, after November's whopping $22.5 billion. The surge in borrowing in November brought the total to just above $4 trillion for the first time ever on the back of a America's ongoing love affair with auto and student loans.
Revolving credit increased by $1.7 billion to $1.045 trillion, a modest slowdown since November's $4.8 billion.
Perhaps more notably, the lowest increase in December credit card usage since 2012.
There was barely a change in the monthly increase in non-revolving credit, i.e. student and auto loans, which jumped by $14.8 billion, bringing the non-revolving total to a new all time high of $2.965 trillion
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https://www.zerohedge.com/news/2019-02-07/consumer-credit-hits-4-trillion-student-auto-loans-hit-all-time-high
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Lowest cumulative credit charges for month of December for 5 years.
The credit markets are tightening. They will start to lower the available balances to consumers soon. Just like in 2008