Of the total $178 billion in consumer credit expansion in the past 12 months, a tiny $9 billion, or just 5% of total, was to fund credit card purchases. The rest went – you guessed it – into purchases of cars and paying for tuition, for which GM and stratospheric college tuitions are most grateful. And that is the New Normal economy in a nutshell.
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[…] loan debt is the second highest form of debt in America, second only to mortgage loans. In fact, a staggering 95% of total consumer debt lent over the last year was for student loans and car loans. America is a strong nation, but you […]