U.S. consumer borrowing reached a record $5.093 trillion in July, driven by credit card and non-revolving credit increases.

In July, U.S. consumer borrowing surged by $25.5 billion, reaching a record $5.093 trillion, driven by a $10.6 billion rise in credit card debt and a nearly $15 billion increase in non-revolving credit. This spike occurred despite credit card APRs hitting a record 22.76%. While retail sales saw significant growth, the rising debt levels and delinquency rates, particularly in credit cards and auto loans, raise concerns about future consumer spending.

September 09, 2024
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