US Bank Loans Near $10trn Monthly Milestone

US Bank Loans
Image Credit: Learnbonds

There are strong indications that loans and leases in Bank Credit of all commercial banks in the United States could eventually reach $10 trillion monthly soon.

Data provided by explains the value of bank credit of all commercial banks in the United States is also close to reaching $14 trillion.

In October 2019, the value of bank credit reached $13.72 trillion, representing an increase of 6.52 percent compared with October 2018 and to surpass $14 trillion, the industry would have to expand by over 2 percent in the next few months.

Since 2012 that the market is expanding and growing year over year. Between 2008 and 2012 the bank credit of all commercial banks in the country remained stable with values ranging between $8.6 and $9.1 trillion.

On the matter, the report says, “This is expected to happen in the coming months and there is a large possibility for this to take place before the end of 2019.”

It is worth pointing out that if this doesn’t happen in the coming months, there is a large possibility for it to take place during the first quarter of the next year.

Bank credit is the total amount of credit that is available to businesses or individuals from banking institutions. Specifically, this refers to the total amount of combined funds that financial companies provide to clients, including both businesses and individuals.

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US Bank Loans to Reach $10 Trillion Monthly Milestone

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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