Consumer Debt Explodes Higher Under Pressure from 40 Year High Inflation
Americans relied on their credit cards to cope with the fastest price hikes in forty years in February, data from the Federal Reserve indicated on Thursday.
Total consumer credit increased by $41.98 billion in February, a massive acceleration from the rise of $8.9 billion in January, the Fed said. This was one of the largest monthly increases in consumer credit in records going back to 1943.
Revolving credit, mostly credit cars, rose at a 20.7 percent rate in February, up from a four percent gain in January.
Nonrevolving credit, mostly auto loans and student loans, rose 8.4 percent. – READ MORE
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