Consumer credit mainly student-and-car-loans
I don't know why I'm surprised by this. Naturally, I would think that new consumer credit being incurred was through credit card usage. Wrong! Student loans and car loans...by far...eclipse credit card debt.
The student loan indebtedness being incurred is sure to be a source of financial woe for those that went to schools that charged too much (because they could get paid whatever they charged) for an education that didn't equip their students with skills that allowed them to get a job that returned anywhere near what they (and the taxpayers) invested in that education. Has a student loan "bubble" been created that will eventually burst with massive defaults or more likely, with the U.S. taxpayers left to clean up the mess in some way...with another bubble to burst somewhere else?
Maybe the government should get out of the business of making sure that everyone have a post-secondary education no matter the cost? But, oh, that wouldn't be fair! It is bad policy and definitely not a function for our government.
Never mind the car loans!
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