“Consumer credit grew by $11.6 billion in December, a figure less than half of what analysts expected. Revolving debt growth decelerated during the month, consistent with a 1.8 percent dip in retail sales during the month. Credit card delinquencies are climbing quickly, and a recent survey of banks found that ‘a significant share’ of banks tightened standards on credit cards in the fourth quarter. The decline in the non-revolving segment tracks with modest vehicle sales in December, but sales spiked in January. Consumer credit is likely to be supply-constrained in 2023 as lenders adjust to volatile and uncertain economic conditions.” - NAFCU Chief Economist and Vice President of Research Curt Long
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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