Authored by Mike Shedlock via mishtalk,
Consumer credit is weak in nominal terms and negative in real terms.
Nominal consumer credit has started to flatline. In real terms, credit is declining.
Real Consumer Credit in Billions of Dollars
Government credit is primarily student loans.
Note that real nonrevolving credit excluding government is 1.726 trillion, down from 1.824 trillion on August of 2021.
In real terms, people are paying off mortgages etc., faster than they are taking mortgages on new mortgages.
Consumer Credit Monthly Change
Consumer Credit Change Details
- Total: +0.36 Billion
- Nonrevolving: +6.32 Billion
- Nonrevolving Excluding Government: -5.30 Billion
- Revolving: -5.96 Billion
Revolving Consumer Credit in Billions of Dollars
Revolving Credit Details
- Real revolving credit peaked at the start of the Great Recession at 1.148 trillion.
- The post-Covid real revolving peak was 1.085 trillion.
- Real revolving credit is now 1.026 trillion.
- In nominal terms, revolving credit peaked in November of 2024 at 1.350 trillion.
Revolving Consumer Credit in Billions of Dollars Detail
Real Consumer Credit Detail Percent Change from Year Ago
Real Percent Change from Year Ago Details
- Total: -2.5 percent
- Nonrevolving: -1.6 percent
- Nonrevolving Excluding Government: -3.3 percent
- Revolving: -5.1 percent
These are very weak recession-looking numbers.