The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Consumer credit rose $1.3 billion in November, up 0.7 percent from October, as a result of more people seeking nonrevolving credit, according to the latest monthly statistics from the Federal Reserve Board. The amount of revolving credit – which is typically associated with credit card debt – fell 6.3 percent to $796.5 billion, while nonrevolving credit – loans for homes, education and so forth – jumped to nearly $1.61 trillion.
In particular, the amount of money consumers borrowed from federal government, which recently became a larger lender to consumers seeking student loans, rose to $315.7 billion, the report said. That’s up from $312.1 billion in October.
Revolving credit has dropped significantly since the beginning of the recession, falling by at least 7.3 percent in each quarter of 2010, the report said. Through November, it had declined almost $100 billion since the third quarter of 2009. Meanwhile, the amount of nonrevolving credit consumers carry has risen every three months since the fourth quarter of 2009.
November saw the smallest tumble for credit card debt in months, likely because consumers spent more ahead of the holiday season. However, the majority of people still opted to use cash, debit and other forms of payment instead of taking on additional debt.
May 30, 2023
Managing Debt
September 7, 2021
Managing Debt
December 23, 2020
Managing Debt