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US Consumer Credit Up in October

  •   Thu, Dec 08 2011 11:58:55 AM

Washington, Dec 8 (IANS): US consumer credit increased at an annual rate of 3.7 percent in October, a positive sign for a still fragile economic recovery, the Federal Reserve has reported.

The US central bank Wednesday said total borrowing in October rose to $2,457.5 billion from the revised figure of $2449.8 billion in September, reported Xinhua.

The Fed said that demand for revolving credit, the category that includes credit cards, edged up 0.6 percent in October.

In October, the borrowing in the non-revolving category that includes auto loans rose at an annual rate of 5.3 percent.

Consumer spending, which accounts for about 70 percent of the overall economic activity, remains the major driver of the US economy.

  

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Comment on this article

  • Jay, San Diego

    Sat, Dec 10 2011

    The Federal Reserve data are telling us that Americans may have begun to reverse the trend of reducing credit card debt that started with the fall of Lehman Brothers in September 2008. At the same time, credit card use is once again on the rise, as we learned earlier this week from a report released by payment processor First Data. Moreover, for a first time in years, the growth rate of credit card sales is now bigger than it is for debit cards.

    Yet, even as they are using credit cards more freely, Americans are also paying back much more at the end of each monthly cycle than they have historically done. The monthly payment rate is currently at 20.91 percent, compared to a historical average in the mid-teens. That indicates that credit cards are being used more responsibly.

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