The Federal Reserve's consumer credit report for November 2012 shows a 7.0% annualized monthly increase in consumer credit, once again driven by student loans. Revolving credit increased by 1.1%, and non-revolving credit jumped another 9.6%. October showed consumer credit increasing by a 6.2% annualized rate.
The Federal Reserve's consumer credit report for September 2012 shows a 5.0% annualized monthly increase in consumer credit, once again driven by student loans. Revolving credit declined, -4.1%, and non-revolving credit increased 9.2 %. For Q3, consumer credit increased 4.0% annualized, with revolving credit declining -1.5% and non-revolving increasing 6.5% for the third quarter.
The Federal Reserve's consumer credit report for July 2012 shows a 1.5% annualized monthly increase in consumer credit. Revolving credit declined, -6.75%, and nonrevolving credit increased 1.0%. The Credit Kraken went back into it's cave.
The Federal Reserve's consumer credit report for March 2012 shows a 10.2% annualized monthly increase in consumer credit. Revolving credit increased, 7.8%, and nonrevolving credit surged 11.3%. The Credit Kraken continues it's rampage, after a hiatus in February, mainly on the backs of people going to school.
The Federal Reserve's consumer credit report for January 2012 shows a 8.6% monthly increase in consumer credit. Revolving credit decreased, -4.4%, and nonrevolving credit surged 14.7%. The Credit Kraken is clearly on a rampage, for the third month is a row, mainly on the backs of people going to school.
The headline is misleading for a charge off means the credit card company has determined they ain't ever seeing the money. So the number of Americans unable to actually make their payments is probably higher. This news is two days old but significant considering unemployment is skyrocketing past estimates. Credit card charge-off rate nears 10% -Moody's:
The Moody's Credit Card Index's charge-off rate -- debts that card issuers believe they will never collect -- rose to nearly 10 percent in April, the highest level in the index's more than 20-year history, the report said.
This pace of rising charge-offs is unprecedented as year-over-year changes continue to surpass the magnitude of either increases or decreases experienced during any previous period
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