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.

Read the Fed release.


About Author

Hugo Dante is an economist in Washington, D.C. He was previously an economic research specialist at ABA. In addition to the ABA Banking Journal, his writing has appeared in The Hill, The National Interest and Townhall. Views expressed here are his own.