Credit card borrowing in November contributed to a significant overall increase in consumer credit, according to the Federal Reserve Board’s Consumer Credit Report released this week.
Revolving credit, including credit card borrowing, increased $11 billion in November compared to an increase of $2.4 billion in October, according to the report.
Total borrowing increased $24.6 billion, to $3.75 trillion, compared to an increase of $16.2 billion in October.
Non-revolving credit, including student loans and auto loans, was $2.8 trillion in November, a $13.5 billion increase.
Non-revolving credit was the only form of consumer credit that slowed down from October, when there was an increase of $13.8 billion, according to the Fed.
November also marks the fastest growth rate in consumer borrowing in three months, according to U.S. News and World Report.
“The November increase, which translated into a strong gain of 7.9 percent at an annual rate, was larger than economists had been forecasting,” according to the article. “It came at a critical time for consumer spending in the midst of the holiday shopping period.”
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