U.S. Consumer Credit Growth Slows as Credit Card Balances Shrink
- Borrowing rises half as much as $15 billion median projection
- Revolving credit fell in October, seventh drop in eight months
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U.S. consumer borrowing rose in October by less than forecast, reflecting a decline in credit-card balances as the pandemic continued to limit some purchases.
Total credit increased $7.2 billion from the prior month after a downwardly revised $15 billion September gain, Federal Reserve figures showed Monday. The median estimate in a Bloomberg survey of economists called for a $15.5 billion increase in October. Revolving credit declined for the seventh time in the past eight months.