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US: Stunning Collapse In Credit Card Debt Change As Average APR Hits New All-Time High
After several months of wild swings in US consumer debt, culminating with last month's explosion in credit card debt which was the 2nd biggest on record, in December households finally hit a brick wall because according to the latest consumer credit data published by the Federal Reserve moments ago, in the last month of 2023 total consumer debt rose by a paltry $1.561 billion, which was not only nearly a 90% miss to consensus estimates of $15.9 billion.. chart ... but also a huge slowdown from November, tumbling by almost $22BN, the third biggest monthly drop since covid shut down the economy. When looking into the ... (full story)