The Kobeissi Letter, a markets commentary publication, reported on X today, November 10, 2026, that US consumer credit has reached a record high. The publication stated, "BREAKING: Total US consumer credit surged +$29 billion in September, to a record $5.19 trillion. This marks the largest monthly increase since December 2025 and the 3rd-largest monthly increase since November 2023. US consumer credit has now risen for 7 consecutive months by a total of +$125 billion. Meanwhile, revolving credit, which includes credit cards, jumped +$16 billion, to a record $1.37 trillion, marking its largest monthly increase since November 2023. Non-revolving credit, covering auto and student loans, rose +$12 billion, to $3.86 trillion, an all-time high. US consumers are piling on debt to 'fight' inflation."
The surge in consumer credit comes as the broader market shows mixed signals, with the Crypto Fear & Greed Index currently at 32, indicating 'Fear.' While major stock indexes like the Nasdaq and S&P 500 posted gains today, the increase in consumer debt highlights underlying economic pressures. Recent Gokhshtein coverage has detailed inflation concerns, with oil's 2.5% slide easing some inflation pressure, but Anthropic's $3.4 billion power deal also showing inflation pressure for the yield curve.
The Kobeissi Letter's report implies that consumers are increasingly relying on borrowing to maintain spending levels amidst economic challenges, specifically citing inflation as a driver. This trend of rising debt, particularly in revolving credit, suggests a potential strain on household finances. Observers will be watching for further data to assess the sustainability of consumer spending and its impact on future economic growth and inflation rates.
