Shocking Consumer Credit Numbers: US Credit Card Debt Soars Most On Record With Savings Long Gone

True Pundit January 12, 2022

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While it is traditionally viewed as a B-grade indicator, the November 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 $40 billion, double the expected $20 billion print, more than double the $16 billion October number, and the highest on record!

And while non-revolving credit (student and car loans) jumped by a solid, if not necessarily remarkable $20 billion, this was only the 7th biggest increase for the series in record…

… the real stunner was revolving, or credit card debt, which more than tripled in November, soaring to $19.8 billion from $6.6 billion in October, by far the highest such print on record. – READ MORE

Categories: News

Hot Wire — Back to the Future (2008-09) (2020-21) & How to Beat The Man Thru 2035

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Mike September 25, 2025

Hot Wire — They Warned You About this Crew 250+ Years Ago

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Mike August 2, 2025

Shocking Consumer Credit Numbers: Everyone Maxing Out Their Credit Card Ahead Of The Recession

While it is traditionally viewed as a B-grade economic indicator, the April consumer credit report from the Federal Reserve was another shocker especially after last month’s…

True Pundit June 9, 2022

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(PREMIUM) PAINE IN THE MORNING: What you need to know this Monday – August 29, 2022

Here’s what you need to know today, Monday – August 29, 2022. There is also an ad free audio version of this episode you can listen to BELOW Biden Student Loan Write-Off Plan Will Cost Over $1 Trillion, Not $300 Billion –Yesterday, Joe Biden announced a plan to write off $10,000 in student loans…

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True Pundit August 29, 2022