While it is traditionally viewed as a B-grade indicator, the February consumer credit report from the Federal Reserve was an absolute stunner and confirmed what we have been saying for month: any excess savings accumulated by the US middle class are long gone, and in their place Americans have unleashed a credit-card fueled spending spree.

Here are the shocking numbers: in November, consumer credit exploded by a whopping $41.8 billion, more than double the expected $18.1 billion print, nearly five times more than the upward revised $8.9 billion January number (revised from $6.8 billion), and the highest on record!

And while non-revolving credit (student and car loans) surged by a near record 23.8 billion, the third highest on record…

Read More: Shocking Consumer Credit Numbers: Credit Card Debt Soars With Savings Long Gone

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