We Blew a $ 4.2 Trillion Debt Bubble – Then 10 Million of Us Lost Our Jobs, Crypto Coins News
1.4k Views
The latest Federal Reserve consumer credit report released on Tuesday.
It shows record levels of outstanding credit in February: $ 4.2 trillion.
With unemployment rocketing, another financial crisis is around the corner.
Total outstanding US consumer credit stood at nearly $ 4.2 trillion in February. According to the latest consumer credit report from the Federal Reserve , seasonally adjusted consumer borrowing increased by 6.4% in February.
As the economy flails through the worst financial crisis in living memory, consumer credit has become a massive liability to consumers and lenders alike.
Consumer Credit Bubble Creates Great Recession Echo
Just before the 2018 financial crisis, total outstanding consumer credit was a comparatively “paltry” $ 2.6 trillion.
GIPHY App Key not set. Please check settings