Credit Card Borrowing Explodes
LATE THURSDAY: the Fed reported that in May, total consumer credit [CREDIT CARD DEBT] surged by the most on record, soaring by $35.28 billion, nearly double the consensus estimate of $18 billion and sharply higher from last months' $20.04 billion.
Per ZH: “This latest shift in spending patterns, means that things are now indeed back to normal, and that with consumers now spending not just using their debit cards … but their credit cards, Americans are once again highly confident about the future, and are spending far beyond their means, as they always tend to do. Either that, or the latest batch of stimmies has now been spent, and having no other source of funds American consumer are again resorting to their trusty old credit card...”
Per Mish:
https://mishtalk.com/economics/the-cons ... adingly-so