Consumer Credit numbers for April are from the Fed's G.19 Consumer Credit report.

This post was my first cross-post at Deep Knowledge Investments

Nominal Growth Synopsis

Total Credit: +$23.01 Billion to $4.86 Trillion, a new high

Revolving Credit: +$13.48 Billion to $1.24 Trillion, a new high

Nonrevolving Credit: +$9.53 Billion to $1.24 Trillion, a new high

Nonrevolving Government Credit (student loans) is best viewed as essentially unchanged for three months.

Real vs Nominal Revolving Credit

In nominal terms revolving credit surged to $1.24 trillion.

In real (inflation-adjusted) terms, credit card debt is $980 billion. That is below the per-pandemic high of $990 billion, and also below the 2008 high of $1.09 trillion.

It's real spending that drives GDP. 

Nominal, as well as real, the slope of revolving credit is steep and unsustainable. It's also a sign of consumer stress.