U.S. Consumer Borrowing Increased in October - ABI

U.S. consumer borrowing rose in October, according to new data from the Federal Reserve, Dow Jones Newswires reported. Outstanding consumer credit, a measure of non-real estate debt, rose by $20.52 billion in October from the prior month, climbing at a 6.51 percent seasonally adjusted annual rate, the Fed said yesterday. Total outstanding credit increased a revised $19.21 billion in September. Revolving credit outstanding, mostly credit cards, increased at a 9.9 percent annual pace in October. Non[-]revolving credit outstanding, mainly student and auto loans, rose at a 5.3 percent annual pace. Household debt totaled $12.955 trillion in the third quarter, up 0.9 percent from the spring, the Federal Reserve Bank of New York said last month. That was the most on record, though the figure wasn't adjusted for inflation.

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