U.S. Consumer Borrowing Rose $5.2 Billion in February
Consumer credit increased $5.2 billion for the month to $2.54 trillion, the Fed said today in Washington. In January, credit gained $10.3 billion, more than a previously reported increase of $6.9 billion. The Fed’s report doesn’t cover borrowing secured by real estate, such as home-equity loans.
$2.54 Trillion seems like a great deal to me. Based on a population of 300 million people that would mean $8,467 for every person in just personal debt. USA GDP = $13 trillion. USA federal debt = $9.4 trillion (based on the USA government accounting – so way understating the true debt). USA federal budget $3 trillion.
Related: Americans are Drowning in Debt – Too Much Personal Debt (UK, £1.3 trillion in 2006 – even more than the USA) – Incredibly Bad Customer Service from Discover Card