The latest Federal Reserve Consumer Credit release is out and while consumer debt levels increased at an annual rate of 3 percent in the last reported month, April, the bad news is that the rise is fueled by non-revolving student loans, auto loans, etc.
Revolving debt continued it’s fall but at a slower pace of an annual rate of negative 1.4 percent. The amount of revolving debt current stands at $790.1 billion.
The data shows only a small increase in revolving debt by savings institutions while credit unions remain the same and commercial banks pulled back a bit.
The chart above shows the rate of decline in outstanding consumer debt is slowing (blue) and the decrease in outstanding consumer debt is flattening out a bit (red).
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.
- BS Biden Tax Relief Program Calls – Hang Up! - September 23, 2021
- Is Coast Processing or Litigation Practice Group a Scam? - September 22, 2021
- Veterans United Overcharged the VA and I Want My Eligibility Back - September 22, 2021