If you like living beyond your means, you can keep on living beyind your means. US Consumer credit grew by over $26 billion in July – smashing expectations of $17.35bn – and rising by the most since 2011. As usual, the leap was led by non-revolving credit (rising $20.6 billion) as auto and student loans continue to surge.
Consumer credit grew at its fastest pace in three years.
As non-revolving credit (Auto loans and student loan dominated) surged fastest since 2011.
And here is how much student and car loans Americans have raked up each month since 2011. In a nutshell: in 2014 alone there has been some $117 billion in non-revolving debt.
This compares to just $23 billion in revolving credit being issued to US consumers.