Credit Card Use Drops in November
From Associated Press
Consumers used their credit cards less in November, but they couldn’t say no to automobile purchases.
The Federal Reserve reported that consumers increased their borrowing by $4 billion, or an annual rate of 2.4%, in November, pushing up their total debt to $1.99 trillion.
Most of the borrowing was in nonrevolving credit, which includes new cars, vacations and education. That borrowing rose by $4.6 billion, or a rate of 4.4%.
Revolving credit, which includes credit cards, dropped by $564 million in November, or a rate of 0.9%.
