Credit card debtskyrocketed in December, rising 7%, after a meager .6% rise in November, and 5.6% in October. Americans now owe $861.9 billion on their credit cards, more than any time since the recession.
Auto and school loans increased more, as families added 7.4% in low-interest debt. Combined consumer debt is now $3.106 trillion, more than the record-high $2.65 trillion owed in 2008. (Source: Federal Reserve,G.19 Release, February 7, 2014)
How It Affects You
Other people's debt boosts economic growth by inflating demand. The more they buy, the more businesses can produce and hire more. However, the boost in December wasn't enough to significantly raise employment, as last Friday's jobs report showed.
via:http://useconomy.about.com/b/2014/02/10/5941.htm
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