Boy did we surprise them!
We actually borrowed a tad bit over $21 billion. Which is the largest increase since the Fall of 2001. This bring our total consumer debt to a little over $2 -1/2 trillion dollars.
Although most of the increase was in student loans, you have the usual suspects saying that it shows that in spite of the sluggish economic growth, they see it as a good sign that the U.S. consumer is confident enough to take on more credit card debt.
That is getting to be a hard sell.
Consumers added $16.2bn in non-revolving debt, which includes student and auto loans but excludes mortgages and other real estate debt. Credit card and other revolving debt rose $5.1bn.
Americans are still facing income growth that lags behind inflation, and renewed worries over a job market that has weakened in recent months.
Pressure to stretch money a little farther to deal with rising fuel and food prices could also be behind the rise in borrowing, Mr Edelstein warned.