Surprise! Consumer Credit Rises For The First Time In 8 Months

Consumer credit surprisingly increased in September, up 1.1% annualized.

It was expected to fall.

Data shows the expansion had nothing to do with credit cards, but instead with auto loans and student loans.

Car sales showed substantial growth in October, and with students heading back to start college in September, that may account for part of the uptick.

Revolving credit (credit cards), however, fell dramatically, down 12.1%.

Check out this chart from @credittrader, showing the decline in revolving credit:

Consumer Credit

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