The New CS Board

[jumanji0881]

Consumer Credit Soars Most On Record As Credit Card Borrowings Explode : https://www.zerohedge.com/markets/consumer-credit-soars-most-record-credit-card-borrowings-explode

My Comment : Spend like there's no tomorrow (and there will be no tomorrow). The banks rake in a lot of CC interest until the borrow defaults on this unsecured debt.

Excerpts
After several months of subdued increases in consumer credit, moments ago the Fed reported that in May, total consumer credit surged by the most on record, soaring by $35.28 billion, nearly double the consensus estimate of $18 billion and sharply higher from last months' $20.04 billion. The monthly increase was a whopping 10% SAAR, pushing the total to a new record high of $4.279 trillion.

What was behind the surge? Well, one month after we noted a surprising dip in credit card usage in April, in May Americans went all out, and splurged, pushing revolving credit, i.e., credit card debt, higher by a whopping $9.2 billion, the biggest monthly increase since December 2019, and pushing total revolving debt to $974.6 billion.