Credit Card Debt Increases Slightly in October

http://www.insidearm.com/news/00002518-credit-card-debt-increases-slightly-in-oc/

U.S. consumer credit grew in October to its highest level in two years, as auto and student loans propelled the figures. Credit card debt grew at a 0.6 annual rate.

The monthly data release from the Federal Reserve, called the G.19 data, showed that non-revolving debt, including educational loans and loans for autos and mobile homes, increased by $7.28 billion in October, at an annual rate of 5.3 percent. The Fed’s report doesn’t track debt secured by real estate, such as home equity lines of credit.

Revolving debt, primarily comprised of credit cards, increased by $366 million, or at an annualized rate of 0.6 percent. Credit card debt is just now recovering from a three-year swoon following the financial crisis of 2008.

Credit Card Debt Increases Slightly in October

Patrick Lunsford

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