Outstanding Consumer Credit Grows Despite 2005 Bankruptcy Filings

Posted on April 13, 2006 by Kevin Chern Esq.

According to a report released by the Federal Reserve last week, total outstanding consumer credit in February stood at $2,166,200,000,000--up $4 billion from the third quarter of 2005, the last quarter before the rush of bankruptcy filings in the fall of 2005.

The report also shows revolving credit up more than $9 billion since the third quarter of 2005, to $804,100,000,000.

The total outstanding consumer credit is 1.87 times as high as it ws just ten years ago.

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