⚠️US consumer credit hit a new all-time high
Consumer debt spiked by $19.2 billion in October
57,000 - this is the number of views of this content over the last 30 days. This is pretty impressive how fast the overall reach has been growing here and on social media. Unfortunately, inflation has also been rising. The best ways to fight this are investing in financial markets and growing business and its profits.
This is why prices for NEW paid subscribers will go up from the 1st of January 2025 to $19.99 a month and $199 a year. This is still below the pricing of most creators and a decent price for the amount and quality of research you receive. You can secure the current (old) pricing below before December ends.
US consumer credit jumped by $19.2 billion in October and hit a record $5.1 trillion.
Revolving credit (i.e. credit card debt) spiked by $15.7 BILLION, the biggest jump since June 2022 and hit an all-time high of $1.37 trillion.
Non-revolving credit surged by $3.52 billion to $3.74 trillion, also a record.
Over the last 4.5 years, consumer credit has risen by $1 trillion.
Concerningly, the average interest rate on US credit cards hit a record 23.37% in Q3 2024, up from 22.78% in Q2.
Rising consumer credit and interest rates simply mean Americans will pay way more on their debt interest.
Americans are drowning in debt like never before. Read more about the topic in the following piece:
If you find it informative and helpful you may consider a paid subscription (or annual if subscribed), become a Founding Member, and follow me on Twitter or Nostr:
Why subscribe?