Just as the Fed starts to wind down QE, cracks are beginning to appear in the consumer as shown by the increase in credit card delinquencies.
A decade on from the financial crisis, and it looks as if consumers have not learned their lesson. According to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data, total household debt increased by $116 billion to reach $12.96 trillion in the third quarter of 2017.
[klarman]
As I reported last week, while this headline figure does not appear too concerning, it's at the bottom of the pile where cracks are starting to show.
The outstanding subprime auto debt now stands at about $300 billion according to...
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