Credit Card Balances Cause Increase in Overall U.S. Consumer Credit

Consumers’ credit card debt is high as the holiday shopping season continues.

12/8/2017 9:00 AM

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Credit Card Balances Cause Increase in Overall U.S. Consumer Credit

Consumers’ credit card borrowing increased $8.3 billion, or about 10 percent, in October, marking the biggest jump since November last year, according to Bloomberg and a Federal Reserve report.

The Fed released its monthly consumer credit report Dec. 7 showing total credit increased $20.5 billion to approximately $3.8 trillion in October.

Non-revolving debt, including student loans, increased by $12.2 billion.

“The 9.9 percent annualized increase in revolving debt, which includes credit cards, shows Americans carried bigger balances heading into the holiday-shopping season,” Bloomberg reports. “While incomes are rising and home and stock values have boosted household net worth to a record, consumers with fewer assets may find it difficult to boost their spending as their debt burdens mount.”

View the complete report on the Federal Reserve’s website.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Credit Card Balances Cause Increase in Overall U.S. Consumer Credit

Consumers’ credit card borrowing increased $8.3 billion, or about 10 percent, in October, marking the biggest jump since November last year, according to Bloomberg and a Federal Reserve report.

The Fed released its monthly consumer credit report Dec. 7 showing total credit increased $20.5 billion to approximately $3.8 trillion in October.

Non-revolving debt, including student loans, increased by $12.2 billion.

“The 9.9 percent annualized increase in revolving debt, which includes credit cards, shows Americans carried bigger balances heading into the holiday-shopping season,” Bloomberg reports. “While incomes are rising and home and stock values have boosted household net worth to a record, consumers with fewer assets may find it difficult to boost their spending as their debt burdens mount.”

View the complete report on the Federal Reserve’s website.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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