Total Consumer Credit Shows A Small Increase, Revolving Credit Posts 27’th Consecutive Monthly Decline
Posted By thestatedtruth.com on January 7, 2011
Total consumer credit increased modestly in line with expectations for November while revolving credit decreased by $4.2 billion, and non-revolving credit showed an increase of $1.3 but was down from a higher number of $5.7 billion in October. And…..Lending by the federal government for student loans continued to climb, benefiting from a law passed by Congress that makes the government the primary lender to students, rather than a guarantor backing private loans.  Guess which of the above loans has the least likely chance of being repaid. Right if you said student loans, even though they cannot be discharged in bankruptcy, it just means the loans will lay on the government books as nonperforming for ever!
It’s the 27th straight drop in revolving credit, according to the Federal Reserve’s monthly consumer credit data.
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