Notes, May 8, 2008
May 8, 2008 by carmichael
U.S. consumers apparently didn’t want to wait for the stimulus. In fact, they dug themselves way deeper in debt than usual in March. According to yesterday’s Federal Reserve consumer credit report, consumers heaped over $15 billion — that’s billion with a “B” — in personal debt onto their already stressed balance sheets during that month. That’s more than double Wall Street estimates and the biggest monthly increase since November, peak holiday buying season.
Total U.S. consumer credit – what the Fed categorizes as basically all debt except mortgages — is now $2.6 trillion. Yikes…Agora Financial’s 5 Minute Forecast
