Skip to comments.Nov. consumer credit surges by $20.4 billion
Posted on 01/09/2012 12:31:44 PM PST by Nachum
WASHINGTON (MarketWatch) -- U.S. consumers increased their debt in November by a seasonally adjusted $20.4 billion, the largest increase since November 2001, the Federal Reserve reported Monday. Monthly debt rose at a 10% annual rate in November, a much faster pace than had been expected by Wall Street economists.
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Sounds like folks were Christmas shopping on credit. I wonder how much will be defaulted on.
The media is spinning this as good news. It shows consumer confidence that the economy is turning around. Hello!!!! To me it just means many are living off credit cards trying to make ends meet.
Proofread you idiot. Why can’t I get that through my thick skull?
Would be interesting to know what portion of that $20 Billion was for firearms.
I guess the O Zero posse got the word about mortgage relief on they way, so, why not credit card relief soon too?
Time for another spending binge. Why not? Obama will finda way to force credit card companies to write off this debt to let his voters off the hook.
I would think that better than half will never be repaid in full.
This is nuts!
People should be paying off credit debt, not spending more on credit.
Not at all. People are borrowing because that in many cases is the only way they can survive. Food on the table. Meds. Shoes. Gas.
It sounds like many were like me this holiday season...
I have been scrimping and saving for years now trying to pay down debt, but I just decided to splurge a little this Christmas, debt be damned.
Right on the money! I was at my doctor’s a few days ago - he has a mostly blue collar, possibly illegal alien, definitely multi-national clientele and he was horrified by the number of patients who tell him they do not have enough money to put food on the table for their families, on a daily basis - including for their children!! Nor can they find work!
Welcome to corrupt Obamaland where Obama eats $140 a pound Kobe beef and we the people, legal or otherwise, are too often borderline starving.
Those who get their incomes from whatever level of government and services (businesses with government incomes recipients for customers) are sure that the economy is recovering and will get no worse. That’s true, for them, for a while. Look forward to repudiation and currency reset time, when honest, hard working people will make more useful things again.
We were doing the credit card thing early last year. In July we started selling off belongings: jewelry, clothes, furniture, antiques, bullion, and art work. Note: you can’t eat gold!
We have, this first week in January, cashed in a life insurance policy in order to pay off the house, the car, and all credit cards. By the end of this month we will be debt free.
I’ve been following the economic news with trepidation and believe the nation is on the abyss’s edge. An economic collapse will be devastating for those who neither know it is coming nor what will happen when it does finally arrive.
One thing is apparent: if you cannot roll around naked on your wealth, then you have nothing. Why? Because paper has no value - MF Global, beyond a doubt, was proof of that fact.
When I was in the supermarket on Saturday, bought beef for incredibly low prices: New York strip steaks @ $3.44 per lb.; huge Rib steaks 2” thick @ $4.30 per lb. I bought up all they had and will freeze it all. This sounds like ranchers slaughtering their herds now because of future uncertainty, not knowing if they can borrow money or afford to feed cattle later this year.
Ray Stevens....great video on how the Progressives deal with debt.
The recent record number of background checks has me wondering the same thing.
I'm not claiming fraud by the agency that put it out, just that a rise like that doesn't come out of nowhere. Is it a mistake in calculation? After all, these statistics are just, well, statistics based on surveys.
Or are people losing their unemployment benefits and trying to live off credit cards? I don't know, but I could believe that.
The article reports credit card debt up 8.5%, but student debt up even more, at 10.7%. Zero is already trying his best to forgive student loans. Of course, easy student loans just means tuition will rise that much faster.
This is a sometimes leftist bent outlet, but for what it’s worth they disagree. He could be totally FOS for all that I know.
THE AGE OF CONSUMER DELEVERAGING IS OVER
Do you have some inside information on this?
Of course, speaking of population growth, it's worthy of note that, even though the population has increased, the number of people in the workforce has decreased. Recently, someone calculated that, if everybody who was in the workforce in 2007 were still looking for work (i.e., hadn't given up), then the unemployment rate would be 11.3%, not 8.5% or whatever it the official number is.
buying consumer items on credit is not a good thing. You have to pay it back with interest, plus that money could’ve been better spent investing instead of consuming