Tax & Spend
US Consumer Borrowing Surges by $40.8 Billion, Most on Record
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US consumer debt outstanding unexpectedly surged by the most on record in December, reflecting massive increases in credit-card balances and non-revolving credit.
Total credit jumped $40.8 billion after a revised $5.4 billion decrease a month earlier, according to Federal Reserve data released Friday. The figure, which isn’t adjusted for inflation, topped all estimates in a Bloomberg survey of economists.