97% Of February Consumer Credit Is Student And Car Loans

Tyler Durden's picture

The releveraging deleveraging continues. While US consumers barely dare to touch their credit cards, as they did in February when just $533 million in revolving consumer credit was added, they continue to take advantage of Federal largesse to take out student and car loans for the maximum amount possible, and as expected in February of the $18.1 billion in total credit taken out, a whopping 97% was non-revolving, or mostly student and GM loans (recall that now one can "finance" a car using their shotgun as collateral). To show just how dramatic the shift toward Uncle Sam as bank of only recourse for the US consumer has become, consider that in the past 12 months, of the $158.8 billion in total consumer credit issued, just $6 billion is credit card based. The remainder: debt that will never be repaid because those who take it out use it to finance such things as their education in vocational school (and iPads, tattoos, lap dances, semiautomatic guns and booze of course), as well as various GM cars that amortise by about 100% the second they are driven off the car lot.

Spot the student and car loan components of total credit:

And guess who the biggest and really only net source of consumer credit has been in the past few years.

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lolmao500's picture

The recovery will only be here when 97% of consumer credit in a month are hookers and blow.

kaiserhoff's picture

Nicely done, Tylers,

     but what's the percentage to illegal aliens?

Skateboarder's picture

Emily Haines sings it better (and cuter) than you or I can.

"Buy this car to drive to work. Drive to work to pay for this car."


McMolotov's picture

She's so damn hot. Her voice makes me feel kinda funny, like when we used to climb the rope in gym class.

lolmao500's picture

Climb the rope in gym class? Today it's probably illegal for the childrenz safety!

Tijuana Donkey Show's picture

Can't handle the weight........

debtor of last resort's picture

Self fullfilling channel stuffing. A bankers wet dream.

NoDebt's picture

Wanna make Americans lose weight?  Make all subsidized housing split-level.  I grew up in a split-level house when I was a little tike.  You're ALWAYS going up and down stairs in those damned things.

Hey, seriously, it's no stupider than banning sugary drinks over 16 oz.


Parrotile's picture

"Staircase exercise" resulting from a 2-storey home is worth the energy equivalent of up to 16 calories per minute.

Over the course of a year, that's a lot of energy that would have been stored away as blubber. Easy exercise too - no special equipment needed!

hedgeless_horseman's picture



I recently learned that my kids' highschool now offers gym class online. 

TeamDepends's picture

Mental push-ups are hard!  Can we take eHome-ec instead?

forwardho's picture

I got me a E-pick

I got me a E-shovel

Ima gonna sit at my computer, and mine me some of them there bits of E-coins I heard  tell about down at the ZH room.

Tijuana Donkey Show's picture

Do they do click-ups or what? If it's not on the standardized tests, they don't care about teaching it. 

WmMcK's picture

And here's a "car tune" for us old fogies:


Still gives me a thrill.

MeelionDollerBogus's picture

What makes them illegal, the central controller state that also dictates your fiat currency to you, so that gold and silver are also illegal money?

Think about that, a second.

Illegal money.

Illegal immigrants.

"regulated" markets rather than free markets.

You picking it up yet?

ZerOhead's picture

I still remember the days when you used to open up a new bank account and they would give you a new rifle or shotgun as a gift. Funny... but you don't see that happening much anymore.

And today when you go for a new loan they take the gun back...

augustusgloop's picture

What a brilliant way for the Federal Government to disarm the populace- trade in your guns for cars + indenture yourself to a Goldman subsidiary. 

Pretty soon Goldman will set up subsidiary land holding companies in the South and "hire" these debt slaves to pick cotton. 

_ConanTheLibertarian_'s picture

Banks in the EU will happily point the gun at you...

Groundhog Day's picture

Take out a loan, go into debt so that you can Get a college degree and apply after that highly sought after mcdonald's cashier position


Hal n back's picture

ok--so the route to gun control is to control consumer credit. but then, if people can't buy guns and ammo, the only strength in economy is gone.

fomcy's picture

Nothing is matter, everything is Bullish, Dow down just slightly.
Nice job Bernank and Co, but we need more QE, thanks.

azzhatter's picture

decent boner pop on the barbaric relic today

Fish Gone Bad's picture

You can tell how good GM cars are by looking at the cars the employees (at GM) drive.  Its not so much about loyalty as it is about getting real value.

tarsubil's picture

Fuck, at least there will be real collateral. What the fuck is the collateral on all this worthless student loan debt? I can't wait for the day when our corrupt horseshit self-congratulatory university system implodes.

CH1's picture

Oh yeah, this will turn out well.

jal's picture

You can't get blood out of a stone.

MeelionDollerBogus's picture

NAE laddie, with new SlaveTech 2000(c)(R) technology, you can now extract 5 grams of good slave blood for every 100 pounds of slave-tard-lard PER HOUR! Just infuse the standard RFID tracking chip, connect to skynet(tm) drone-system for compliance-enforcement & before you know it, your heat-emitting, weight-displacing slave-tards will be useful at the very least for some energy extraction & blood-donations (topped up after with Monsanto Corn high-fructose syrup!). Even better, many slave-tards as yet believe they can and should slave away further for iGoodies so for every 100 hours and/or 1 L of slave-blood extracted, we'll now include A NEW $3.00 iShitYouNot gadget for anything uNeverNeeded and the slave-tard will work an ADDITIONAL 10,000 hours in exchange who receives it!

Now that's what I call a "virtuous circle" of investing!

Brought to you by VampireSquid Industries in co-operation with the We're-Your-Fucking-Overlords party of Murrika(tm).

razorthin's picture

Goobermint loan?  You are just begging for a drone.

hedgeless_horseman's picture







There has never been a better time
to buy or lease a new GM!

Hurry now, damn it, to your nearest GM dealer
before inventories increase even more!

2013 GM Yukon Denali AWD
403 HP
13 CTY / 18 HWY

Nicely equipped for only


Easy credit available through Ally Bank!

On*Star tracking and cabin recording included free for 6 months,
then you pay to be tracked and recorded.



ZerOhead's picture

It's like Obama said...the fuel efficiency of the new vehicles is simply amazing.

hedgeless_horseman's picture



13 CTY / 18 HWY

"Building the cars Americans want to drive."

Bearwagon's picture

Yeah! Drill! Baby! Drill!

/sarc off

ZerOhead's picture

Okay then...

I don't suppose you are going to believe that this is due to environmentally responsible car-pooling either...

NoDebt's picture

It's the big ramp-up in public transportation, right?  Am I right?

And by public transportation I mean your feet.

Parrotile's picture

Those figures are MPG I assume.

In the 1960's my Grandfather drove a Morris Traveller. 1100cc engine. 35 - 40 MPG then (when petrol was somewhat cheaper)

Even the "performance cars" such as Jaguar were returning better than 25 MPG on vehicles capable of 100 MPH ++

So, my obvious question must be - what's gone wrong???

(Incidentally, the Travellers were mechanically simple but durable - 110,000 miles on the one engine and gearbox. For a 1950's design that was as good a durability as we see today)

ParkAveFlasher's picture

Can I get my escalade with marble countertops, and a law degree?

Fish Gone Bad's picture

Why yes you can!  They will even throw in a baby's arm holding an apple.

RafterManFMJ's picture

I'm more of a Fisker fan myself.  Every time I'm out in mine and I encounter a rain storm, I shit myself. Is that ozone I smell? Am I about to be immolated? Fisker should give out a 3-pack of brown underwear to everybody who buys one of their mobile death machines.

CrashisOptimistic's picture

A lot of gasoline is saved by having no job to drive to.

Urban Redneck's picture

Unlesss there has been a 100% increase in average fuel efficiency, the chart would imply a 50% reduction in real GDP under the brilliant leadership of Bernanke/O'Bummer/Reid/Boner & Wicked Bitch of the Wes(i.e. before adding back the FEDs printing and distribution to their buddies)

Poor Grogman's picture

Just a thought, could falling motor fuel consumption be partly explained by internet shopping?


Something I have long suspected...

css1971's picture

Why on earth would you put all wheel drive on a car which clearly can't go off road?

I Googled the thing and there isn't a single photo on Google images which shows it off road... Driving over a field for example, a bit of sand maybe. Even the photos in a "wilderness setting"... it's on tarmac ... Though positiioned as to give a hint of offroadiness about it.

No wonder japs are owning the market.

Bearwagon's picture

Why on earth would you buy a fortress-like halftank like that thing above instead of a car that does what it's good for, anyways ...

Urban Redneck's picture

Don't bust on fortress like halftanks (?), some us need them, but that one just SUCKS from an engineering standpoint.  

They were making more reliable, more durable, more powerful, and more fuel efficient engines almost twenty years ago (but of course the tree-fuckers and their lobbyists know better).  Devolution at it's Detroit finest.

Save the earth, hang a tree-hugger from one of their beloved trees (and throw in a banker to balance the load on the poor tree).