U.S. Consumer Debt Growth Misses October Forcasts
Total consumer debt reached $5.08 trillion in October after expanding by just $9.2 billion from September—falling short of the $11.8 billion surge economists had projected for the month.
Credit card balances and other revolving debt accounts drove the monthly uptick with a $5.4 billion gain, while installment borrowing including mortgages, vehicle financing, and education loans contributed a more modest $3.7 billion increase.
On a year-over-year basis, household credit expanded 2.2% through October. The annual growth breakdown reveals a stark divergence: revolving credit surged 4.9% compared to the prior year, while non-revolving loan categories advanced just 1.2% over the same twelve-month span.
The underwhelming monthly figures suggest American consumers may be exercising greater caution with borrowing as elevated interest rates continue pressuring household budgets nationwide.
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