Recent data shows that U.S. consumer debt rose in the month of May by the most it had in the last six months, showing that Americans were more confident in their spending habits halfway through the second quarter. The increase was seen in revolving debt, which includes credit card debt along with non-revolving debt like student loan debt and auto loans.
As of May 2018, Americans owe more than 26 percent of their income on consumer debt, up from 22 percent in 2010. That means Americans are on track to accumulate $4 trillion collectively in consumer debt by the end of this year. Americans have been accumulating more debt, particularly over the last two years, where consumer credit has grown at a rate of 5 to 6 percent annually.
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