Athabasca Oil Corp T.ATH

Out at 3pm US Consumer Credit..... not good

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Consumer Credit jumped significantly in June and this couldn't be worse with mounting Interest Rate Increases. I've seen this happen in prior recessions as people who aren't working or tight with finances use their credit cards as a daily instrument and once these interest rates start to translate through the system people will be living house poor, especially while trying to cope with higher inflation costs and this over time could put people in the situation of mortgages defaults because its a bad combination having higher credit card payments and higher mortgage payments let alone car payments too while spending more to live with higher energy cost and food costs. These indicators are a big negative moving forward into a recession. JMHO

Consumer credit in the United States increased by USD 40.15 billion in June of 2022, up significantly from an upwardly revised USD 23.79 billion gain in the previous month and well above market expectations of a USD 25 billion rise. It was the biggest monthly gain in consumer credit in three months, as non-revolving credit, which includes auto and student loans went up by USD 25.36 billion while revolving credit, which includes credit card debt, rose by USD 14.80 billion. On an annual basis, consumer credit surged by 10.5 percent, following an upwardly revised 6.3 percent increase in May.

Overnight repo Rate


US Average Prime Lending Rates


Higher Credit Cards