11/13/2017 2:00:00 PM
Monthly data from the Federal Reserve shows the highest increase in total consumer credit since November 2016.
Credit card debt exceeded $1 trillion in September, causing total outstanding consumer credit in the U.S. to increase by the most since November 2016, data from the Federal Reserve revealed.
“The pickup in September consumer credit capped a quarter in which debt outstanding grew at an annualized 5.5 percent, the fastest quarterly pace this year,” according to an article published by Bloomberg.
Revolving credit, which includes credit card debt, increased by $6.4 billion in September while nonrevolving credit, including student loans and auto loans increased by $14.4 billion.
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