US residents are increasingly in debt
Last November, credit debts of US residents increased by $28 billion, according to Federal Reserve data. That is, the increase in the number of outstanding loans exceeds the amount that debtors contribute. Thus, credit obligations, which mainly include credit cards, auto loans and student loans, rose 7,1% year over year. Most likely, the increase in borrowing is associated with holiday shopping and, of course, inflation.
Source: Telegram channel “ALL ABOUT THE USA”
