US consumer borrowing continued its strong upward climb in November, increasing by $27.96 billion from the month before, according to Federal Reserve data
US consumers’ credit-hungry approach to spending continued in November, with borrowing rising by nearly $28 billion, according to Federal Reserve data released Monday. The monthly increase, which was driven by higher rates of revolving credit, was below the $29.12 billion jump seen in October but extends a historic stretch of reliance on debt during a year with soaring inflation. Economists were expecting a $25 billion monthly increase, according to consensus estimates on Refinitiv.
Amid this period of high inflation, consumers have been dipping more into debt for their spending — but they’ve also kept their finances above water, for the most part. However, household balance sheets are showing some signs of weakening, with various pieces of federal data showing delinquencies are on the rise and savings levels are dwindling. “It’s really revolving credit, mostly credit card debt, that’s carrying the day right now,” Rossman said.
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