Fed Report Shows Consumers Continued to Use Their Credit Cards in November

The January 7 release of the Fed’s Consumer Credit Report (G.19) indicates a brisk uptick in consumer credit with an 11% overall increase in outstanding debt, outpacing September and October increases of 7.2% and 4.4% respectively. This overall increase was led by revolving debt, up 23.4%, and was predominately credit card activity with seasonally adjusted balances gaining $19.8 billion. These credit card balances “are now swelling again, after faltering during the pandemic.”

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