SIGN UP FOR THE BREITBART EMAIL NEWSLETTER

Consumer Debt Hits Record $3.04 Trillion

Consumer Debt Hits Record $3.04 Trillion

Consumer borrowing hit a record $3.04 trillion in the second quarter of 2013, a 22% increase over the last three years.

Driving the consumer debt were auto and student loans, which account for $2.19 trillion of the total. Student loans have increased 61% over the last three years.

Credit card debt, however, fell $33 billion down to nearly $850 billion, a signal that Americans are tightening their financial belts. The trend could depress holiday sales as well as economic growth, 70% of which is determined by consumer spending.

Total household debt is nearing pre-recession levels, reports CNBC finance editor Jeff Cox.

“Total household debt, according to the Fed’s flow of funds report, is at $13 trillion, nearly back to its pre-crisis level in 2007 and a shade below government debt of $15 trillion,” reports Cox. 

“We have learned nothing,” Pento Portfolio Strategies President Michael Pento told Cox. 

P.S. DO YOU WANT MORE ARTICLES
LIKE THIS ONE DELIVERED RIGHT TO YOUR INBOX?
SIGN UP FOR THE DAILY BREITBART NEWSLETTER.


Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.

SIGN UP FOR THE OFFICIAL
BREITBART EMAIL NEWSLETTER

GET TODAY'S TOP NEWS DELIVERED RIGHT TO YOUR INBOX

I don't want to get today's top news.

x