Shocking Consumer Credit Numbers: US Credit Card Debt Soars Most On Record With Savings Long Gone

Assessment: While this unprecedented rush to buy everything on credit ahead of and during the Thanksgiving holiday should not come as much of a surprise, after all we have repeatedly shown that for the middle class any “excess savings” are now gone, long gone… While it is traditionally viewed as a B-grade indicator, the November consumer credit report from the Federal Reserve was an absolute stunner and confirmed what we have been saying for month: any