okx

U.S. credit card debt hits record high in January!

时间:2024-03-08|浏览:267

欧易

欧易(OKX)

用戶喜愛的交易所

币安

币安(Binance)

已有账号登陆后会弹出下载

Just when one thought that American consumers had finally learned their lesson and stopped buying things they couldn't afford, the latest consumer credit data shows that idea was dead wrong. The main driver of the U.S. economy comes from consumers, with consumer spending accounting for 70% of GDP.

Data last month showed unprecedented growth in U.S. revolving credit, including credit cards, and non-revolving credit, including auto loans and student loans.

But things appeared to be back to square one in January, with total consumer credit surging by $19.5 billion, far exceeding economists' median forecast for a $10 billion increase, driven by a strong rebound in credit cards and auto loans. December's data was revised downward to a gain of $900 million (originally $1.561 billion).

Specifically, revolving credit, including credit cards, increased by $8.4 billion in January, pushing total revolving credit to a record $1.327 trillion, already above the pre-COVID-19 trend line, while savings rates are at historic levels. lowest level.

Meanwhile, on the non-revolving credit front, "the numbers are also rising," with non-revolving credit, which includes car loans and student loans, rising by $11.1 billion in January to a record seven after an unexpected drop of $1.7 billion in December. The largest monthly increase reached a record $3.712 trillion.

The latest acceleration in credit card debt is surprising in more ways than one. It is particularly worth noting that according to data from the Federal Reserve, the average interest rate for all credit cards from all commercial banks has just hit a record high of 21.47%, but this has not hindered consumers' enthusiasm for spending.

However, with the U.S. personal savings rate falling from over 5% to 3.8% in just a few months (the lowest level since 2022), consumers are increasingly tight on the amount of cash they are actually holding...

Financial blog Zero Hedge warns that maxed-out credit cards will only increase in number before the eventual collapse. With the U.S. election coming up, which will ensure that any credit card-driven spending must be encouraged, don't be surprised to see the White House direct banks to ignore soaring delinquency and bad debt charge-off rates. Watch out for the boots to drop on Trump’s first day as the new president!

Article forwarded from: Golden Ten Data

热点: CARD CREDIT DEBT

« 上一条| 下一条 »
区块链交流群
数藏交流群
区块链币圈-全球区块链数字货币行情、比特币虚拟货币资讯,狗狗币以太坊环保币柚子币莱特币瑞波币等加密数字货币价格非交易行情查询,金色财经巴比特范非小号快讯平台。
趣开心资讯 Qukaixin.cn ©2020-2024版权所有 桂ICP备19010284号-1