What’s the best way to prepare for the upcoming financial crisis? If you’re an American consumer, it’s probably to take on more debt. Like, say, $4.4 billion more in debt in May, according to a MarketWatch story.
Overall consumer debt jumped up by 2.4% in May to $2.173 trillion. The culprit? Rising credit card debt, due in part to astronomical fuel prices as well as skyrocketing housing costs. Revolving credit — like credit cards – expanded by a whopping 10% in May. That’s an additional $6.7 billion in outstanding revolving debt to bring the standing total to $812 billion. Non-revolving debt actually fell 2% in May.
The increase in consumer credit was about $1 billion more than economists were expecting. In a survey conducted by MarketWatch, analysts expected a credit expansion of $3.4 billion for May.
Source: MarketWatch
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