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Thu Feb 7, 2019, 07:55 PM

US Consumer Borrowing Tops $4 Trillion for First Time

US consumer borrowing tops $4 trillion for first time, hitting record $4.01 trillion in December.

Feb. 7, 2019

BY MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON (AP) — Consumer borrowing rose at a slower pace in December, but that still pushed total borrowing to a new record above $4 trillion for the first time.

The Federal Reserve said Thursday that borrowing increased by $16.6 billion in December after a $22.4 billion advance in November. The December increase nudged the total up to a record $4.01 trillion. Borrowing had crossed the $3 trillion mark back in June 2013.

Borrowing in the category that includes credit cards rose by $1.7 billion in December, down from a $4.8 billion November increase. Borrowing in the category that covers auto loans and student loans rose by $14.8 billion following a larger $17.6 billion gain the previous month.

Analysts expect further gains in consumer borrowing, supported by low unemployment and steady income gains.

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https://www.usnews.com/news/business/articles/2019-02-07/us-consumer-borrowing-tops-4-trillion-for-first-time

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Reply US Consumer Borrowing Tops $4 Trillion for First Time (Original post)
RCW2014 Feb 2019 OP
freedumb2003 Feb 2019 #1
utvols1 Feb 2019 #2
freedumb2003 Feb 2019 #3
FreeWheelBurning Feb 2019 #4

Response to RCW2014 (Original post)

Thu Feb 7, 2019, 09:07 PM

1. Americans are stupid this way

 

It saddens me.

They can almost fix the stupid that was electing obozo by electing President Trump.

But the stupid that creates consumer debt runs deep. Inability to save is a thinking issue not a financial one,

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Response to freedumb2003 (Reply #1)

Thu Feb 7, 2019, 10:01 PM

2. And the antidote is apparently to "tax the rich" to pay for people's bad choices

Even though our tax system doesn't tax "the rich" - but many voters buy the rhetoric

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Response to utvols1 (Reply #2)

Thu Feb 7, 2019, 11:10 PM

3. It gets worse -- lefty is talking about a "wealth tax" which says "debt is the best thing"

 

More stupid on stupid.

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Response to RCW2014 (Original post)

Fri Feb 8, 2019, 11:26 AM

4. I don't care about the $4 Trillion number

That will always go up as long as the number of people living in the US goes up. What is the average debt per household? That is a more relevant number.

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