Credit Risk - Credit Card Debt Growth Exceeds Wage Growth in the U.S.

Over the past three months, the year-over-year growth in credit card debt has exceeded wage growth in the United States. This is the first time we've seen this trend since the Great Recession. While it clearly indicates improved US consumer confidence (and all the spending helps boost China's trade surplus), in the long run this is not going to be sustainable.

Year-over-year growth in credit card deb minus growth in average hourly wages

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