US Consumer Borrowing Drops on Plunge in Credit-Card Balances
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US consumer debt outstanding unexpectedly fell in November by the most in over a year as credit-card balances plunged.
Total credit dropped $7.5 billion after a revised $17.3 billion gain in October, according to Federal Reserve data released Wednesday. The median estimate in a Bloomberg survey of economists called for a $10.5 billion advance. The figures aren’t adjusted for inflation.