wolfstreet.com / by Wolf Richter •
Consumers Finally “Getting on with Their Lives” as Credit-Card Debt Slaves: Equifax
Equifax, which profits from the process when more people apply for credit and load up on debt, sees the miracles of the current economy this way: “American consumers continue to show signs they are recovering from the Great Recession by steadily increasing their credit card debt….”
In its report on credit card debt, Equifax raved about these newly empowered American consumers that are once again buying things they can’t afford and charging these purchases to their credit cards because they didn’t have enough money to pay for them otherwise, given their stagnating salaries. It shows up in the numbers:
Total credit card debt rose to $634 billion at the end of the second quarter, a 5% jump compared to $604 billion a year ago.
That’s nationwide. And 5% is a big gain, given that there was supposedly zero inflation over these 12 months, and that the economy over the last four quarters has grown at the blinding speed, based on the newly re-rejiggered methods of figuring GDP, by a whopping 1.8%.
But in a number of cities, credit card debt soared far beyond the national average. And in a few, the rate of growth is not only accelerating, it’s going through the roof. Equifax was practically giddy:
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