US CONSUMER DEBT

A report by market news site TradingPedia shows that consumer debt in the US increased by $300 billion year-on-year to March, while personal savings fell. Citing Federal Reserve data, the report said outstanding consumer credit, which covers most credit extended to individuals excluding mortgage loans, rose at a seasonally adjusted 5.9% to $4 432 billion in 2021. In the first quarter of 2022, it surged to $4 529 billion, from $4 229 billion a year previously. On the other hand, according to the Bureau of Economic Analysis, the US Personal Savings Rate has decreased steadily since March 2021, and in April 2022 it fell to 4.4%, the lowest since the 2008 financial crisis.