US Consumer Borrowing Growth Slows on Drop in Revolving Credit
- Credit card balances fell in August by the most since 2021
- Commercial bank rates on credit cards, car loans hit records
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US consumer borrowing increased in August at a slower pace than a month earlier, restrained by the largest drop in credit-card balances since March 2021.
Total credit outstanding rose $8.9 billion after a revised $26.6 billion July increase that was the largest since October 2022, according to Federal Reserve data released Monday. The median estimate in a Bloomberg survey of economists called for an increase of $12 billion. The figures aren’t adjusted for inflation.