Consumer Debt at Record High

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.

You can read the entire story here.