The November Federal Reserve G19 report is out with the latest reported G19 figures. The report indicates a 0.6 percent increase in revolving consumer debt and a 5.3 percent increase in non-revolving consumer debt in October.
If we look at the revolving consumer debt numbers, the increase was dues to increases in finance companies, and pools of securitized assets.
Non-revolving debt includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations.
While consumers loaded up on more debt in October, the fact a majority of it was non-revolving debt is not a major benefit to debt relief companies.
Consumer Debt Up in October But More Behind the Numbers by Steve Rhode
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