Chart of the Day: Borrowing Back to Pre-Crisis Levels
Consumer credit has finally passed its pre-bust peak at $1.617 trillion -- equal to more than a tenth of the economy. But credit card balances are down 20% in the last three years, the first time credit card use has slipped since the Federal Reserve Board has tracked revolving loans.Are Americans eschewing plastic in a new age of austerity? Perhaps. But much of the collapse in credit card balances can be attributed to banks writing off delinquent payments, canceled cards, and lower limits.
