Tag: Consumer Credit
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Consumer Credit Jumped $27.8 Billion. That Isn’t Strength.
Americans added $27.8 billion in consumer credit in September, more than double the $11.5 billion forecast. Revolving balances, mainly credit cards, supplied about $16.3 billion of it and grew at a 14.5% annual rate, while accounts charged interest averaged 22.36%. With wages up 3.1% against 3.7% inflation, that is households stretching, not proof of strength.
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