Americans are borrowing big again

The Federal Reserve’s credit numbers showed American consumers borrowed at an all-time record of $28.9 billion in September, besting the previous high-water mark set in November 2001. In fact, this is the biggest monthly leap in consumer borrowing going all the way back to 1943, when the Fed first started keeping records. The surge wasn’t driven by mortgage lending, but by an ongoing rise in non-revolving credit - essentially car and student loans, which surged by more than $22 billion. Revolving debt - mainly credit-card debt—also increased, by $6.7 billion. (source: Quartz) (VIEW LINK)