According to the most recent report from Equifax National Consumer Credit Trends, the amount of outstanding balances on bank and retail-issued cards, and home finances jumped for the third month in a row. Home finances increased by $8.59 trillion; bank issued cards grew by $555.4%, and retail issued cards experienced a $62.2 billion jump. Equifax chief economist, Amy Crews Cutts said, “home purchase transactions, in which first-time homebuyers take on entirely new mortgage debt and move-up buyers increase their existing mortgage debt, have finally overtaken foreclosures and accelerating pay-downs, resulting in increases home finance balances.” More here
