IMGCAP(1)]
U.S. revolving credit, 98% of which is credit card debt, fell slightly to $976.1 billion in October from $976.3 billion the previous month, according to a Federal Reserve G.19 report on consumer credit released Friday. Total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, decreased at an annual rate of 1.6% in October to $2.58 trillion, the report says. Consumers plan to spend less on holiday shopping this year, and nearly three-quarters of shoppers plan to pay for their purchases with cash or savings, suggest the results of a survey TransUnion LLC's Truecredit.com service released last week (CardLine, 12/5). For the research, Zogby International surveyed 2,520 U.S. adults online between Nov. 25 and Dec. 1. The results suggest 73% of consumers this holiday season plan to use cash and savings to pay for their holiday purchases, while 18% plan to use credit cards.
