Consumer Credit September: More Kids Over The Couch
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-11-07 15:23
by Karl Denninger
in Consumer
Consumer Credit September: More Kids Over The Couch
 

This is not a good report:

Consumer credit increased at a seasonally adjusted annual rate of 4 percent in the third quarter. Revolving credit decreased at an annual rate of 1-1/2 perent, while nonrevolving credit increased 6-1/2 percent. In September, consumer credit increased at an annual rate of 5 percent.

Yeah, well, you know how I look at this report -- I look at non-revolving ex-FedGov, as that excludes student loans.

So let's have a peek, shall we?

Hmmm....looks pretty flat on the revolving side (as expected) with a negative trend.  On the non-revolving side ex-government we're not going anywhere.  What's do levels look like?

Ah there it is smiley

Yes, revolving credit actually went down by $5.2 billion in September.  Non-revolving ex-federal government went up by $6.1 billion (did someone roll credit card debt to non-revolving?) but with student loans it increased a stunning $19.8 billion; approximately $13.7 billion was added to student loans in September alone.

If you're a student I hope you got a stick for your teeth to go along with the keys to your dorm room because you sure didn't get any Vasoline.

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