US consumer borrowing posts biggest gain in two years

US consumer borrowing posts biggest gain in two years

Consumer borrowing surged in July at its fastest pace since late 2017. Consumer borrowing increased by $23.3 billion in July after a $13.8 billion advance in June. The large July gain was led by a sizeable increase in borrowing in the category covering credit cards, which rose by $10 billion in July. Borrowing in the category that covers auto and student loans also posted a sizeable gain.

Simone
Simone
Miles O'Brien
Miles O'Brien 8 months

When wages don't meet the rising cost of living. People cannot just borrow a trillion a year.

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