Monday, July 09, 2012

A Weak Recovery Built On Credit Card Debt


A big leap in credit card debt in May. It surged by $8.0 billion, the biggest one month gain since November 2007.  Here is one explanation from IHS Global:
It is possible, however, that households are relying more and more on credit cards to cover everyday expenses, given that job and income growth are so weak. In fact, revolving debt surged even while core retail sales growth (excluding spending on autos, gasoline, and building materials) stalled. If so, we might see additional increases in credit card debt in the coming months.

1 Comments:

Blogger Daniel Hirsch said...

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11:51 PM  

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