Posted 1/8/2024, 8:44:00 PM
U.S. Consumer Credit Tops $5 Trillion for First Time as Holiday Shopping Boosts Credit Card Use
- U.S. consumer credit rose $23.7 billion in November, exceeding $5 trillion for the first time
- Growth was driven by a 17.7% jump in revolving credit like credit cards, the biggest gain since March 2022
- Rise attributed to start of holiday shopping season after downward trend due to Fed rate hikes
- Consumer credit data does not include mortgage loans, the largest category of household debt
- Stock markets higher as 10-year Treasury yield edged lower on expectations of Fed rate cuts