Americans seem not to have learned their lessons from the financial crisis. In October consumer debt reached its highest point in history.
According to the Federal Reserve, consumers added some $14.2 billion in debt in October — pushing total consumer debt to a record $2.75 trillion.
According to a story by CBSNews:
Borrowing in the category that covers autos and student loans increased by $10.8 billion. Borrowing on credit cards rose by $3.4 billion, only the second monthly increase in the past five months.
There is a small silver lining in the debt cloud, however.
Credit card usage has fallen sharply since the 2008 credit crisis. Four years ago, Americans had $1.03 trillion in credit card debt, an all-time high. In October, that figure was 17 percent lower.
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