US Credit Card Debt Rises Above $1 Trillion as Student, Auto Loans Hit all Time High
Source: Zero Hedge
Earlier in 2017, using the latest Fed data newspapers and financial media reported that US consumer credit card debt had risen above $1 trillion for the first time since the financial crisis. Ironically, just a few months later the Fed revised its data series sending the revolving credit total back under this "psychological number." At least until today, when the latest consumer credit update from the Fed disclosed that in September, consumer credit rose by $20.8 billion, more than the $17.5 billion expected, of which $14.4 billion was non-revolving, auto and student loans, and $6.4 billion was credit card debt. Total consumer credit rose by 6.6% Y/Y, rising to $3.788 trillion as of Sept. 30. This was the single biggest monthly increase since November 2016.
And while nonrevolving credit reached a fresh record high of $2.782 trillion, revolving - or credit card debt - is now back over a trillion dollars, or $1.006 trillion to be precise, and fast approaching the all time bubble high of $1.02 trillion hit in the summer of 2008.
And speaking of student and auto loans, the Fed's latest data showed that in the third quarter, these rose to a new all time high, of $1.112 trillion for auto loans, and a record $1.486 trillion in student loans. The Fed also reported that nonrevolving lending to consumers by the Federal government, which is mainly student loans, rose to $1.137t, on a non-seasonally adjusted basis.
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