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August 7, 2017 By Peter Boockvar

Consumer debt levels, look at the pictures

Well, it finally happened. Revolving consumer credit (mostly credit cards) outstanding in June finally exceeded its April 2008 high. See chart. The 4.6% annual percentage change in Q2 compares with a savings rate that is at 3.8%, not far from the lowest level since December 2007. A reminder, core retail sales slowed to a 2.4% y/o/y growth rate, matching the slowest since January 2014.
REVOLVING CREDIT OUTSTANDING

image002
The pace of nonrevolving consumer debt outstanding did slow to a 3.5% annual percentage change as the pace of gains in student loans and auto loans (for obvious reasons) moderated. But as seen in the chart, a picture says a thousand words with this area of consumer credit.
NON-REVOLVING CREDIT OUTSTANDING

image004

Filed Under: Latest Data

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Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.

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