U.S. credit card borrowers shed $4.2 billion in debt in November as the pool of total overall outstanding revolving receivables continued a decline that began in the fall of 2008, according to a Federal Reserve G.19 report on consumer credit released Jan. 7.
Revolving credit, 98% of which is credit card debt, in November fell 0.5%, to $796.5 billion from a revised total of $800.7 billion in October, the report said.
Consumers in November continued to pay down credit card debt, but total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit for other types of debt including auto and student loans, rose.
Total outstanding credit for all types of consumer and credit card loans in November increased by $1.4 billion at an annual rate of 0.7%, to $2.403 trillion from $2.401.5 trillion in October, the report states.
Total consumer credit in October increased sharply at a revised annual rate of 3.5%, to $2.402, reversing a trend of shrinking overall credit that began in 2009 and continued through the first three quarters of 2010, according to the report.
What do you think about this? Send us your feedback.
