Consumer Credit Rises in September
Financing for big-ticket items like autos did rise in September, but the Federal Reserve’s latest report on consumer credit also indicated that consumers are paring down debt in other areas.
Financing for big-ticket items like autos did rise in September, but the Federal Reserve’s latest report on consumer credit also indicated that consumers are paring down debt in other areas.
Boosted by a gain in non-revolving credit, consumer borrowing rose by $7.4 billion in September after recording a $9.7 billion decrease the previous month.
Non-revolving debt, which includes auto loans, climbed by $8 billion. The increase reflected a $14.3 billion non-seasonally adjusted rise in the federal government category of borrowing, which includes student loans. The increase also reflected a rise in non-revolving borrowing at commercial banks.
Revolving debt, which includes credit cards, declined for the third straight month by $627 million. This could indicate that while consumers are making big-ticket item purchases, they’re deleveraging in other areas.
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