CONSUMER CREDIT BEATS

Visa cards, credit cards, wallet

Photo: Reddit

Consumer credit rose $11.36 billion in September, higher than expectations of $10.175 billion.The number marks a considerable slowdown form the month before, although it was expected.

Last month’s figure was revised up to $18.391 billion from $18.123 billion.

Revolving debt (credit cards) fell 4.1 per cent while non-revolving debt rose 9.2 per cent.

Total consumer credit at the end of September stood at $2.74 trillion, or 20.1 per cent of GDP, according to the Federal Reserve.

Here is a link to the full release >

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