Consumer Credit Growth Increased in November

Consumer credit increased at a seasonally adjusted annual rate of 6.7 percent in November, down from a downwardly revised 7.6 percent rate in October. Total outstanding credit increased $22.2 billion during the month (compared with $25.4 billion in October) to $3.979 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 5.5 percent to $1.042 trillion. Non-revolving credit rose at a 7.0 percent annual rate, or $17.3 billion. Total non-revolving credit is now $2.937 trillion.

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About Author

Hugo Dante

Hugo Dante is a research associate in the Economic Policy and Research group at the ABA.