Consumer Credit Soars Most In 10 Years

Posted By on May 7, 2012

Yikes….inquiring minds wonder how much more student loan debt these college kids can rack up…hum, this really is an unending spiral!

U.S. consumer credit soared by $21.4 billion in March on expectations of $9.8 billion rise, or the fastest monthly expansion since March 2001.

Of the toatal, a modest $5.1 billion was from real credit, or revolving style credit-card type debt. The balance, or $16.2 billion, was non-revolving debt, or the type of debt used to fund car purchases and student loans which are now well into the $1+ trillion record territory. The total non-revolving debt is now $1.739 trillion: an all time record.

www.zerohedge.com

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