Despite the weakening economy and declines in household net worth, US consumers haven't curtailed their pace of borrowing yet. On the contrary, we continue to go ever deeper into debt.
The growth of consumer credit in June declined slightly on a year-to-year basis, but remained near the usual 5%.
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US Consumer Credit Growth, Year Over Year
2004: 5.4%
2005: 4.3%
2006: 4.5%
2007: 5.7%
Jan: 5.4%
Feb: 5.4%
Mar: 5.4%
Apr: 5.5%
May: 5.1%
Jun: 5.1%
Source: Fed Reserve
