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Consumer Credit Growth Misses: Revolving Credit Surges As Student, Car Loans Have Weakest Increase Since February 2012
Following a significant downward revision to November's data, December consumer credit growth printed a gain of $14.755 billion, missing expectations of $15 billion (for the 5th month) and hovering near one-year lows. The most notable aspect was the $5.77 billion surge in revolving credit (e.g. credit cards) as Americans extended and pretended into the holidays - the biggest rise since April, and the second biggest monthly increase since the GFC.
Evan as credit card usage surges...
Then again, here it is in context:
More troubling however, those mainstays of the US economy, student and auto loans rose by the smallest amount since February 2012!
And without "student loans", just how will Apple sell tens of millions of iPhones every quarter?
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That is one impressive consumer spending recovery........not.
<I bet if the Fed prints moar 'money' and gives it to Wall Street it will improve further. If not, there is always NIRP.>
True that.
China
i dunno ... things just don't add up ...
The UE stats are rigged including the revisions - they are preparing for the passage of the TPP so they need a good month / quarter / year 2014 - to promote it to the unions and citizens
ths is a house of cards - there is nothing in this system that is real
a $14.755 billion print on a $15 billion expectation is the equivalent of obama saying the deficits are falling (as we just printed a $1 trillion in total debt for 2014 last i checked) - global debt is still spiraling out of control. last month however at a slightly, gentler pace.
Revolving credit .... gradually enslaving the desperate and ignorant masses with debt since 1966.
50th anniversary debt jubilee next year !
Bearish engulfing on the QQQ's. This things going back down to $100 next week.
Can I borrow back the Hedge trimmer I lent you?
Someone else is using it now?
Fair enough.
Hold on a sec. Income up in December, spending down, and revolving credit surges. Is that right?
Stop paying attention to detail.
Don't blame me for any of this. I've decreased my revolving credit by at least $7000 y/o/y and haven't bought a new car since 2009. No student loans taken out since 2004.
I'm a bad American. I know.
I see tons of new mustangs/camaros/challengers where I live....
Fords, Chevys, and Chrysler products. The very things for which subprime auto lending were meant.
I’ve been working since before I was I was a teenager. I’m in my upper twenties now. I’m one of the suckers that took out student loans to get the coveted degree. I’ve been trying to pay off student loans for over half a decade now. Hopefully one day I will be debt free so I can start saving to buy a house. At least I learned about the chains of debt at a young age. Hopefully, the majority of generation that took loans out to get an ‘education’ have learned this lesson as well.
Don’t spend more than you take in. Get your money out of the banks. If you are saving up for a big purchase, store it in gold and silver. Use cash (or silver!) to make your daily purchases! If you are a little overwhelmed about getting into silver, these candles are less intimidating: https://www.etsy.com/shop/ScentSavers?ref=hdr_shop_menu
When the candle is down burning you will not only discover the silver coin prize but also the real value of silver!
Sorry, I just extinguished my debts. You can not make yield from me if I owe you nothing.