🚀【Financial News】U.S. consumer borrowing soared in July, the largest increase since November 2022! 💳

📊 Federal Reserve data showed that total outstanding credit increased by $25.5 billion, far exceeding expectations! Among them, credit card debt increased by $10.6 billion, and non-revolving credit such as auto loans and tuition increased by $14.8 billion.

🛍️ Increased borrowing has driven the growth of retail sales, especially motor vehicle sales. But be aware that high credit card arrears and high-interest loans may have a negative impact on consumption.

📉 Although the Federal Reserve is expected to cut its benchmark interest rate next week, it will take time to reduce consumer financial costs. The New York Fed report showed that the proportion of overdue debt in the second quarter was 3.2%, and the proportion of new overdue auto loans and credit card arrears continued to rise.

📈 The proportion of auto loans overdue for at least 30 days is the highest since 2010, and the proportion of new overdue credit card liabilities has increased to 9.05%, the highest in about 12 years.

💬 What do you think of this wave of lending? Feel free to share your thoughts in the comments!#financialnews#blockchain#federalrepublic#consumercredit