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
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.
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