Consumer Credit Surges in January

American shoppers headed to the malls in an unusually warm January and did a lot of borrowing. The Federal Reserve reports that consumer credit (which does not include mortages and loans secured by real estate) rose to $2.162 trillion.

About half of this is “non-revolving” credit, such as car and boat loans, while the other half is mostly credit card debt.

It is sobering to think that Americans owe nearly a trillion dollars on high interest credit card loans.

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