The Butterfly Effect, Coated In Oil

Earlier this week, the New York Post shouted the headline "U.S. Credit Card Debt Nearing Toxic Levels." The article was referring to the latest report from the Fed that in December, total consumer debt, which is the sum of both non-revolving and revolving debt, increased by 9.3 percent to almost $2.5 trillion. The increase in revolving debt, principally consisting of credit card balances, was at an annual rate of 4.1 percent. Thus, despite the fact that for a few short months in 2011 the amount...Full Story