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POSTED ON October 12, 2021  - POSTED IN Key Gold Headlines

Consumer borrowing has slowed somewhat from the record level we saw in June, but Americans continue to pile on the debt.

Consumer debt grew by $14.4 billion in August to $4.35 trillion, according to the latest data from the Federal Reserve. That represents a 4% increase.

This follows on the heels of a 4.8% increase in July after a record 10.6% increase in June.

POSTED ON August 4, 2021  - POSTED IN Key Gold Headlines

With the stimulus checks long ago spent, Americans have gone back to buying things the old-fashioned way – on credit.

Household debt surged by $313 billion in the second quarter to nearly $15 trillion, according to the Federal Reserve Bank of New York Household Debt and Credit Report. It was the biggest quarterly dollar increase in household debt since 2007. In percentage terms, household debt grew by 2.1%, the biggest surge since Q4 2013.

POSTED ON May 12, 2020  - POSTED IN Key Gold Headlines

Total household debt was over $1.6 trillion higher than the previous peak in 2008 even before the full force of the coronavirus pandemic government shutdowns hit the economy.

Household debt increased by $155 billion (1.1%) in Q1 to a total of $14.3 trillion, according to the latest data released by the New York Fed. The previous peak was $12.68 trillion in the third quarter of ’08 in the early days of the financial crisis.

POSTED ON April 15, 2020  - POSTED IN Key Gold Headlines

The solution to the coronavirus economic meltdown is to borrow our way out of it. The Federal Reserve slashed interest rates to zero and the stimulus bill makes all kinds of loan programs available to pretty much anybody and everybody. But American consumers were already up to their eyeballs in debt before the coronavirus lockdowns. In fact, consumer debt spiked again to yet another record in February, according to the latest data from the Federal Reserve.

POSTED ON February 11, 2020  - POSTED IN Key Gold Headlines

Americans are driving the US economy along with borrowed money. The question is how much longer can it last?

Consumer debt surged once again in December as Americans charged up their credit cards for the holidays. Total consumer credit grew by $22.1 billion in December, according to the latest data released by the Federal Reserve. That represents an annual growth rate of 6.3%. Total consumer debt now stands at a record $4.197 trillion.

POSTED ON November 11, 2019  - POSTED IN Key Gold Headlines

Consumer debt set another record in September, but the pace of borrowing appears to be slowing. This could signal trouble for an economy built on American consumers spending money they don’t have.

Total consumer debt grew by $9.5 billion in September, according to the most recent data released by the Federal Reserve. That represents an annualized increase of 2.8% and pushed total consumer indebtedness to a new record of $4.15 trillion (seasonally adjusted).

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