Consumer Credit Growth Slows in October as Rates Rise
- Total consumer credit rose $5.2 billion in October, down from a $12.2 billion gain in September
- Credit card debt growth slowed to 2.7% rate in October from 4.1% in September
- Auto and student loan growth slowed to 0.7% rate in October from 2.5% in September
- Tighter standards and higher rates are weighing on credit growth
- Consumer credit likely to continue downward trend as rates deter people from taking on more debt