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Americans continue to drive the economy along spending money they don’t have. Consumer debt increased yet again in July, setting another record, according to the latest data released by the Federal Reserve.
Total consumer debt surged $23.4 billion in July, driven by a huge jump in credit card balances. The big rise in consumer indebtedness took analysts by surprise. Bloomberg said the increase “exceeded all estimates” in a survey of economists. Overall, consumer debt increased by an annual rate of 6.8% after a 4% increase the previous month.
The Fed consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt.
Alex Jones breaks down how Globalist banking forces are conspiring to create the illusion that along with populists, nationalists, and the policies they advocate comes financial ruin and collapse to convince populations that globalization is their salvation.
Revolving credit outstanding – primarily credit card balances – grew by $1o billion in July. That was the biggest jump in credit card debt since November 2017. Americans now owe some $1.o8 trillion on their credit cards.
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