(SCHIFF GOLD) – American consumers continue to cope with rising prices and prop up the sagging economy using their credit cards.
Total consumer debt rose another $23.8 billion in July to a record $4.644 trillion, according to the latest data from the Federal Reserve. On an annual basis, consumer debt rose by 6.2%, moderating somewhat from the last few months as the CPI cooled thanks to a drop in energy prices.
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The Federal Reserve consumer debt figures include credit card debt, student loans, and auto loans, but do not factor in mortgage debt. When you include mortgages, U.S. consumers are buried under more than $16.2 trillion in debt.