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Consumer Credit Has Second Biggest Jump On Record, As Student And Car Loans Soar

Friday, October 7, 2016 19:18
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(Before It's News)

zerohedge.com / by Tyler Durden / Oct 7, 2016 3:15 PM

It will likely not come as a big surprise that at a time when US personal savings are once again declining, perhaps as a result of soaring health insurance costs, that US consumers are forced to borrow increasingly more to make ends meet. And, as expected, the latest consumer credit report confirmed this, when moments ago the Federal Reserve announced that in August, total US credit surged by $25.9 billion on a seasonally adjusted basis, smashing expectations of a $16.5 billion increase, and the third biggest monthly jump since 2001.

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