Consumer Credit: Up the Most Since June 2008
You can’t keep an addict down for too long.
U.S. consumer credit was up again in February — keeping the streak alive for a fifth straight month. Total Consumer Credit was up $7.616 billion, a 3.8% annualized increase, to $2.419 trillion. Non-revolving credit (e.g., auto and consumer loans) jumped another $10.833 billion – the largest increase since October 2010.
That’s a lot of good news if you’re Ford (NYSE:F), General Motors (NYSE:GM), or Toyota (NYSE:T). This proves once people experience the euphoria of leveraged buying, it’s a tough habit to break. (See “The Number One Reason the US Consumer Will Be Back“)
On a positive note, revolving consumer credit (e.g., credit cards) fell $2.7 billion (4.1%) — still more than a stone’s throw away from the $974 billion record set in July 2008.