Consumer Credit Card Debt Spikes 5% This Month, Bucking Three-Year Trend of Declining Debt
According to the Federal Reserve's Monthly Credit Report, consumer credit debt saw its largest jump in three years. In June, consumers went three billion dollars more into revolving debt, for a total of $793 billion dollars in total consumer credit card debt. The Fed doesn't usually comment on its findings, and this is a reversal of spending-saving trends that persisted through much of 2011 and 2010.New Debt, Same Unemployment Trends
Between 2009 and 201, amidst record unemployment and mass bankruptcy for many of the Country's of oldest and once sacred banks and financial intuitions, revolving debt declined steadily 175 billion dollars. In May, non-revolving debt continued to rise steadily at 1.3 percent, for a total of 1.3 trillion in total non-revolving consumer debt.