US consumer debt hits fresh high in 2013

So much for the healing power or deleveraging…

“Consumer credit, for instance, surged past the $3 trillion mark in the second quarter of 2013 and continues on an upward trajectory, according to the most recent numbers from the Federal Reserve.

At $3.04 trillion, the total is up 22 percent over the past three years. Student loans are up a whopping 61 percent.

Total household debt, according to the Fed’s flow of funds report, is at $13 trillion, nearly back to its pre-crisis level in 2007 and a shade below government debt of $15 trillion.” See: Private Debt: back with a vengeance.

But not to worry…the risk sellers are all assuring us that the willingness to take on financially suicidal debt levels is a positive “bullish” sign for the US consumer. All while the third bear market “whack” in 13 years to what meager savings what they have left is pending… Here is a direct video link.

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