Fed Reports Jump in Credit Card Debt in October

http://www.insidearm.com/news/00018092-fed-reports-jump-in-credit-card-debt-in-o/

U.S. Federal Reserve said Friday that consumer credit outstanding increased at an annual rate of 7.1 percent in October, including a 6.1 percent increase in credit card spending, the largest increase since May.

Revolving debt, which includes credit cards, moved up to $856.8 billion dollars in October after a slight decline in September.

Borrowing in the non-revolving debt category, which includes auto and student loans, rose at an annual rate of 7.5 percent to $2.219 trillion.

Total outstanding consumer credit – excluding debt backed by real estate – stood at $3.076 trillion at the end of October.

Fed Reports Jump in Credit Card Debt in October

Patrick Lunsford

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