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Consumer Credit went up 9% in Jan
consumer credit
Image by eric731
On March 7th, the Federal Reserve released its latest preliminary findings of revolving consumer credit, better known as credit card debt. Credit card debt was down for the month of January 2012 by 4.4 percent. Great job, America!

Unfortunately, non-revolving consumer credit went up by a whopping 14.7 percent in January. That means that the amount of auto loans, student loans, and boat loans went up (again).

Therefore, overall consumer credit was up 8.6 percent in January which continued the 2011 trend and starts 2012 with more consumer debt .

For more info on this chart and to understand how our economy is dependent on Americans accepting more interest payments, go to:

www.faithfulfinances.com/HouseholdDebt/HouseholdDebtClock…