Consumer debt hits $2.52 trillion

[babylonsister]

http://thinkprogress.org/2008/03/07/consumer-debt-hits-252-trillion/

Consumer debt hits $2.52 trillion.

The AP reports:

The Federal Reserve reported Friday that consumer credit increased at an annual rate of 3.3 percent in January. That was up from a 1.8 percent growth rate in December and marked the fastest pace since November.

The pickup in January pushed up total consumer debt by $6.9 billion to $2.52 trillion. That was on target with economists’ expectations.

The increase in borrowing was led by heavier use of revolving credit, primarily credit cards. Demand for revolving credit rose at a 7 percent pace in January. That was up from a 2.8 percent growth rate in December.

[DavidDvorkin]

1. Oh, heck, that's less than it costs to invade and occupy a small country!