Nonrevolving consumer credit outstanding at record high

For the 1st time since Sept ’08, the level of revolving credit outstanding (mostly credit card debt) in Dec went up m/o/m, higher by $2.3b seasonally adjusted to $800.5b and remains well below the record high back in July ’08 at $974b. However, for a 5th straight month, the level of nonrevolving credit outstanding (mostly auto and consumer loans) rose to $1.61T, a new record high, exceeding the previous July ’08 high. This new record level of nonrevolving debt outstanding comes even though auto sales at 12.54mm annualized in Jan remains well below the 16-17mm trend seen from ’03 thru ’07.

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