(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .
The debt bomb is ticking [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-02-07
This from Bloomberg’s David Rovella today:
The miracle that is the post-pandemic US economy keeps chugging along, but there’s a big problem just below the surface, and it’s only getting bigger: debt. Outstanding US consumer debt surged by the most on recordin December, reflecting massive increases in credit-card balances and non-revolving credit. Total credit jumped $40.8 billion, according to Federal Reserve data released Friday. The figure, which isn’t adjusted for inflation, topped all estimates in a Bloomberg survey of economists.
Outstanding credit-card and other revolving debt increased $22.9 billion in December, more than reversing the prior month’s decline. Non-revolving credit, such as loans for vehicle purchases and school tuition, climbed $18 billion, the most in two years. The delinquency rate has risen, too, with some 3.5% of card balances past due by 30 or more days and 1.8% of accounts delinquent. Both figures are more than double the post-pandemic lows recorded in 2021.
[END]
---
[1] Url:
https://www.dailykos.com/stories/2025/2/7/2302260/-The-debt-bomb-is-ticking?pm_campaign=front_page&pm_source=more_community&pm_medium=web
Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/
