CONSUMER CREDIT HAS FIFTH BIGGEST MONTHLY JUMP IN HISTORY: REVOLVING CREDIT SOARS BY MOST SINCE NOVEMBER 2007
The Unhived Mind
Consumer Credit Has Fifth Biggest Monthly Jump In History; Revolving Credit Soars By Most Since November 2007
Tyler Durden’s pictureSubmitted by Tyler Durden on 06/06/2014 15:23 -0400
http://www.zerohedge.com/news/2014-06-06/consumer-credit-has-fifth-biggest-monthly-jump-history-revolving-credit-soars-most-n
A month ago we pointed out that with April US consumer savings plunging to levels not seen since Lehman, the only place where the tapped out consumer could find some purchasing power is by maxing out their credit cards. This is precisely what happened: moments ago the Fed released its April consumer credit report and it was a doozy: expected to print at $15.00 billion, down from a pre-revision $17.5 billion, the April total instead exploded to a whopping $26.85 billion. This was the fifth biggest surge in history, and was only surpassed by the 2010 “cash for clunkers” record, as well as previous one time outliers in 1998, 2001, and 2006.
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