With all the hemming and hawing about how “lousy” the economy is, you’d think consumers would be coming to their senses, spending less and borrowing less, right?
Right. Well, if you thought that, you’d be wrong.
Consumer credit rose $14.3 billion in June, the Federal Reserve announced yesterday. That’s more than double what Washington wonks and Wall Street quants expected. And it clocks in as the fastest accumulation of revolving consumer debt since last November -- during the height of the holiday buying season.
Thus, consumer credit has grown to over $2.5 trillion this year -- a number larger than the entire annual GDP of France, the world’s sixth largest economy. Incroyable.
Right. Well, if you thought that, you’d be wrong.
Consumer credit rose $14.3 billion in June, the Federal Reserve announced yesterday. That’s more than double what Washington wonks and Wall Street quants expected. And it clocks in as the fastest accumulation of revolving consumer debt since last November -- during the height of the holiday buying season.
Thus, consumer credit has grown to over $2.5 trillion this year -- a number larger than the entire annual GDP of France, the world’s sixth largest economy. Incroyable.
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