(ZEROHEDGE) – Just yesterday, we showed that only a few quarters after banks effectively shut down, refusing to give out C&I, credit card or auto loans and mortgages to virtually anyone as a result of record Draconian credit standards, credit standards saw a complete U-turn and as of April, lending standards for credit cards and autos were the loosest on record.
This was not lost on U.S. consumers who after suffering through a miserable 12 months in which they dutifully repaid their credit card debt like total idiots who acted responsibly (instead of doing what U.S. corporations are doing and loading up on even more debt to ensure they all get bailed out during the next crisis), in March aggregate consumer credit surged by $25.8BN, smashing expectations for the second month in a row (as a reminder February was the biggest beat on record) and barely slowing down from last month’s massive $26.1BN increase.
And while non-revolving credit – i.e., student and auto loans – continued its relentless ramp higher, increasing by $19.4BN in March, the most since June of 2020.
