The Americans have run out of cash and have decided to borrow more than 25 billion USD in September
Life goes on, and bills must continue to be paid. As a result, U.S. consumers borrowed an additional $25 billion in September as rising costs led to an increased reliance on credit cards and other loans, CNN Business recently reported, citing data recently released by the Federal Reserve.
Financial experts were expecting a monthly increase of USD 30 billion, according to estimates from financial data provider Refinitiv. These data are not adjusted for inflation, he said.
With back-to-school and school spending, September was a month when consumer borrowing rose at an exceptional annual rate of 6.4 percent. The site said the revolving debt, including credit cards, rose 8.7%.
“In ordinary times, this would be a huge jump,” tweeted Matthew Schulz, chief credit analyst for LendingTree. “However, this is the second-smallest increase over the past year.”