Mark Whitehouse, Columnist

What Consumers Owe Uncle Sam

The federal government has helped borrowers load up on debt.

June 13, 2016 at 11:00 AM UTC

Mark Whitehouse is a member of the editorial board covering global economics and finance. Previously, he reported on economics for the Wall Street Journal and was managing editor of Vedomosti, a Russian-language business daily.

Big lender.
Photographer: Timothy A. Clary/AFP/Getty Images

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

U.S. consumers have long had an impressive propensity to get into debt. Lately, though, one lender has been playing a much bigger role in enabling them: Uncle Sam.

Total U.S. consumer credit -- which includes credit cards, auto loans and student debt, but not mortgages -- stood at $3.54 trillion at the end of March, according to the latest data from the Federal Reserve. That's the most on record, both in dollar terms and as a share of gross domestic product.