going to move to discuss the state of the credit and loan markets with a perfect person here, scott sanborneally moving from the commercial real estate markets to the consumer market. great day to talk about the consumer with you. thank you for joining us. you seem consumer credit just soaring past $1 trillion in the united states alone. from where you said, -- from where you sit, is that growth and credit sustainable? >> it is certainly sending a message about the consumer who has had to deal with the 80's and part of the way they've dealt with that is by increasing the amount of debt specifically on credit cards. the problem with it is that we are now at a place where nearly half of all americans are carrying credit card debt, the balances have grown just in the last couple years 10%, and the rates they are paying are the highest they have ever been since the federal reserve started measuring this back in 1994. the average rate paid on cards is now over 22%. so just to have the same balance they had a few years ago, minimum payments are going way up. the >> note that you've given me is th

coming up, scott sanborn, joined bloomberg tv at 12:30 p.m. new york time. this is bloomberg.s time now for wall street week. today we are looking at habit the high cost of borrowing is impacting how americans feel about the economy. david westin set down with judd cramer, who penned an article about the trend. david asked him why consumers are not buying the story of a strong economy, despite some of the data. judd: traditionally economists have been able to look at gdp growth, inflation, and unemployment, and from that get a good measure of where consumers will have been. but this time around something seems to have broken. and so that is what led us to really try to do again to the inflation measures. and see what might have been different now, versus how we were measuring things in the 1970's. david: how is it different now? judd: yeah, so, before 1983 housing prices, and crucially for our research, mortgage rates, were included in the cpi. when we saw mortgage rates jump last year to 7%, if we have been measuring inflation the way we did in the 1970's, instead of seeing i