BREAKING: US consumer credit jumped +16 billion in July, to 5.06 trillion, the third-highest on record. This marks the second-largest monthly increase of the year, up from +9.6 billion in June. Over the last 5 months, consumer credit has surged +103 billion. Revolving debt, which includes credit cards, rose +10 billion, to 1.31 trillion, the highest since November 2024. Non-revolving credit, which includes auto and student loans, increased +6 billion, to a record 3.75 trillion. The consumer debt mountain is growing.(The Kobeissi Letter)