(Bloomberg) -- U.S. consumer credit outstanding rose in October by the most since November 2016 on larger credit-card balances, Federal Reserve data showed Tuesday.
Highlights of Consumer Credit (October) |
|---|
|
Key Takeaways
The 9.9 percent annualized increase in revolving debt, which includes credit cards, shows Americans carried bigger balances heading into the holiday-shopping season. 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.
Other Details
- Lending by the federal government, which is mainly for student loans, increased by $5.1 billion in October, before seasonal adjustment
- Fed's consumer credit report doesn't track debt secured by real estate, such as home equity lines of credit and home mortgages
To contact the reporter on this story: Vince Golle in Washington at vgolle@bloomberg.net.
To contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Chris Middleton
©2017 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
