Tuesday, April 12, 2022

Credit card debt soars with savings long gone

 https://www.wnd.com/2022/04/credit-card-debt-soars-savings-long-gone/

(ZEROHEDGE) – While it is traditionally viewed as a B-grade indicator, the February consumer credit report from the Federal Reserve was an absolute stunner and confirmed what we have been saying for month: any excess savings accumulated by the US middle class are long gone, and in their place Americans have unleashed a credit-card fueled spending spree.

Here are the shocking numbers: in November, consumer credit exploded by a whopping $41.8 billion, more than double the expected $18.1 billion print, nearly five times more than the upward revised $8.9 billion January number (revised from $6.8 billion), and the highest on record.