Page 9 - The Banks Article
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Current Debt Situation – USA
Currently, in the US, lenders are giving more lines of credit
to sub-prime borrowers than ever before. Collectively they
now have the most outstanding revolving debt (credit card
debt) in U.S. history (Diagram 3). They are borrowing money
at a rate that approaches pre-2008 recession levels with
credit cards along with mortgages, student loans and
automobile loans the major drivers.
According to a report released by the Federal Reserve.
Americans had $1.021 trillion in outstanding revolving credit
in June 2017. This topped the previous record of April 2008,
when consumers had a collective $1.02 trillion in
outstanding revolving credit (4).
Diagram 3: Total Debt Ref 4
