Amidst a lot of indicators that say we could be heading for another round of recession—before the so-called recovery even reaches most people, let alone our millions of unemployed—June saw a jump in consumer borrowing, three times as much as expected, according to Bloomberg News. The $15.5 billion increase in credit was the biggest since August 2007, and revolving debt, which includes credit cards, was up by $5.21 billion, the most since March 2008.
In a consumer-dependent economy, that's a good thing, isn't it? After all, borrowers must have some confidence in their ability to pay back their debt, right?
Not so fast. More...
Don't miss:
In a consumer-dependent economy, that's a good thing, isn't it? After all, borrowers must have some confidence in their ability to pay back their debt, right?
Not so fast. More...
Don't miss:
- The tiny dot, or how the few rule the many...
- Furious Dutch threaten bank run and put a stop to bankers' bonuses...
- Barclays gives £10m pay and bonus deals to two bankers! Crisis? Not for the banks...
- Goldman Sachs boss Lloyd Blankfein gets $15m pay award...
- How the bank bailouts screwed the American taxpayer...
- The shady ways Americans are losing their homes ... even if they don't have a mortgage.
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