Consumer Credit Takes Big Leg Up In October, But Credit Card Use Continues Decline

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Just out…

October consumer credit spiked solidly, with a 1.7% jump over last year, which is the biggest gain in at least two years.

That’s the good news.

The bad news: It was based on a big boost in government-supplied studen loan credit.

Credit card spending continues to fade, with revolving credit dropping from $806 billion last month to $800 billion this month.

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