Consumer Borrowing Up, Card Debt Down
WASHINGTON (UPI) — Consumer borrowing rose in the third quarter but credit card debt dropped, the U.S. Federal Reserve said Wednesday.
The Fed said non-revolving credit — which includes auto loans, personal loans and student loans — rose 6.6 percent. Revolving credit, which includes lines of credit and credit cards, fell 1.6 percent.
The third quarter ended Sept. 30 with total consumer debt at $2.737 trillion — $1.885 trillion in non-revolving debt and $852 billion in revolving debt.
In total, consumer credit rose at an annual rate of 4 percent in the third quarter, the Fed said.
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