After a surprising slump in the use of revolving, i.e. credit card, debt when in the months of June and July US consumers "charged" only $639 million during the peak summer months, moments ago, the Fed reported that in August, consumer credit posted a significant rebound, rising by $20 billion, above the $15.0 billion expected, and bringing the total to a $3.94 trillion, a 6.2% annualized increase from a year ago, and a new all time high, largely on the back of a newfound love with credit cards.

More notably, after a two-month dormancy in using credit cards, American consumers returned to doing what they do best - spending money they don't have - with revolving credit jumping by $4.8 billion, the highest monthly increase since May, and the second highest of 2018. The monthly increase brought the total to a new all time high of $1.042 trillion.