US Consumer Borrowing Jumps 10 Percent In March
Source: ASSOCIATED PRESS
WASHINGTON (AP) -- U.S. consumers sharply increased use of their credit cards in March, pushing up total borrowing at the fastest pace in more than a decade.
The Federal Reserve reported Friday that total consumer borrowing rose $29.7 billion in March, a 10 percent jump from the previous month. It was the largest percentage gain since a surge of 18.4 percent in November 2001, when consumer borrowing surged in response to government officials urging Americans to boost spending to support the economy following the September terrorist attacks.
Total borrowing rose to a fresh record of $3.59 trillion. Borrowing in the category that includes credit cards jumped $11.1 billion, or 14.2 percent, the biggest one-month gain in this category since July 2000. Borrowing for auto and student loans rose $18.6 billion, up 8.5 percent.
The overall increase of $29.7 billion tied the dollar rise in November 2001. Both are the largest dollar rises on record.
Read more: http://hosted.ap.org/dynamic/stories/U/US_CONSUMER_BORROWING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-05-06-15-27-19
Kelvin Mace
(17,469 posts)as quickly as possible.
Winter's coming.
Purveyor
(29,876 posts)IronLionZion
(45,466 posts)I strongly recommend paying it down soon as possible, or switching to a lower interest rate if possible.
If someone needs to be in debt, usually fixed rate mortage debt is the best place to be in since our country's laws and policies encourage home ownership.
Trump has already threatened to refinance America's national debt into longer durations and negotiate less than full value repayment of treasury securities to screw all bondholders...like an asshole.