Revolving consumer credit in the U.S. fell in November by the largest amount in a year, according to a report Thursday from the Federal Reserve Board.
The monthly report found that revolving consumer credit outstanding, which is mostly made up of credit card loans, fell on a seasonally adjusted basis by about $1 billion to $882 billion. That was the largest such drop in 12 months.
The decline interrupted a trend that's been welcomed by the credit card industry renewed loan growth. Revolving consumer credit outstanding grew by $4 billion in the first quarter of 2014, $14 billion in the second quarter, and $6 billion in the third quarter, according to Fed data.
Meanwhile, nonrevolving consumer credit continued to grow in November, rising by $15 billion on a seasonally adjusted basis. Nonrevolving credit includes auto loans and student loans, but not mortgages.
Overall, consumer credit, excluding mortgages, rose at a seasonally adjusted annual rate of 5.1% in November, the report found.