CONSUMER CREDIT EXPANDS IN OCTOBER

Consumer credit increased $3.4B in October to the best levels since July 2008.  The 1.75% year over year expansion is the second consecutive month of gains.  Revolving credit declined 8.4% for the 26th straight month while non-revolving credit increased 6.8%.  This was driven primarily by new auto loans and student loans.  Has the U.S. consumer stopped de-leveraging?

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Cullen Roche

Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds. Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances. He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.

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