CONSUMERS OWE $1.7 TRILLION IN DEBT- AND IT’S GROWING FAST
July 10, 2002
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The Wall Street Journal has reported that consumers sharply increased their borrowing in May, surprising economists who expected a slowdown in outstanding credit growth because of lower retail sales that month. On Monday, the Federal Reserve announced that outstanding consumer credit rose by $9.5 billion to $1.706 trillion, reported the Journal. The increase was the biggest since November, and marked a 6.8 percent annual growth rate. According to the online newspaper, the Federal Reserve revised April’s increase in credit to $8.6 billion from $8.8 billion reported initially.
