Consumer Credit For September Is Out…No Surprises, Just The Same Old Nonsense!
Posted By thestatedtruth.com on November 7, 2011
The entire consumer credit growth is from auto loans and student loans, while revolving credit dropped…Student loans have been a growth business, but at what expense? A whole student generation is hopelessly buried. Truly buried like no other generation ever!
So… just where did this consumer credit in 2011 come from? Well, of the $32 billion in credit issued YTD, basically the whole pile comes from the U.S. government. The only other positive source of credit during 2011 was $1 billion from savings institutions (a pittance). Every other traditional source of credit is, you guessed it… a drain.
The September consumer credit number is out, it rose by $7.4 billion on a seasonally adjusted basis, on expectations of $5.2 billion (but down from the revised $9.7 billion borrowed in August).
Revolving credit declined by $627 million, while the entire growth was in Non-revolving borrowing, which rose by $8 billion. What does non-revolving credit fund? Uum, auto loans and student loans!
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