The American Borrowing Binge has Ended

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It looks like the American borrowing binge may have finally ended, or at least it is taking a breather. The Federal Reserve recently released the numbers for consumer credit as of May 2023.

And over here, you can see that the non-revolving debt numbers dropped by 2.4%. Now, obviously, that is not a huge drop. However, it is significant because this is the first time nonrevolving credit has decreased since April 2020.

Timecodes
0:00 Introduction
0:23 Changing Trends in Consumer Credit
1:08 Long-Term Debt Trends in the United States
5:10 Impact of Rising Interest Rates
7:03 Financial Strain on American Households
8:20 Deflationary Forces

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