From the January 8th Federal Reserve report
Monthly Increase(s) in Consumer Credit
- Federal Reserve actual for Nov - 2.0 billion
- Briefing.com projection for Dec - 8.0 billion
- Market expectations for Dec - 8.5 billion
get ready for the shocker ...
- Federal Reserve actual for Dec - 15.4 billion
the vast majority of the increase came from 'revolving credit' i.e. credit card balances being run up.
Well, we now know how a lot of Americans paid for their Christmas presents. But the question remains as to how they are going to pay off their mountainous credit card balances.



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