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June 01, 2012

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rjs

i've been tracking (& writing about) the monthly consumer credit report from the Fed since it started spiking last fall...a bit confused as to why at first, it became clear that it was almost all student debt, which has been growing at a compound annualized growth rate of 56%...

http://www.federalreserve.gov/releases/g19/current/default.htm
(mortgage debt isnt included here)

you can see makeup of the non-revolving credit by scrolling to the last table in the Fed report, headed "major types of credit, by holder"; then you can easily see that borrowing from commercial banks and finance companies was up by less than 1%, and borrowing from credit unions was down; the only non-revolving consumer credit outstanding that is ever up substantially is that from the federal government...yet most of the media still reports on this as "credit cards and auto loans"

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