non-revolving debt

Consumers Borrow More for New Cars, Student Loans

Consumer credit unexpectedly rose by $2.1 billion in September, but the rise is only a partial victory for those who argue that credit expansion is required for the U.S. economy to return to a normal growth rate, because credit card debt fell for the second straight month. If that decreased plastic use continues this fall, it will likely weigh on retailers%u2019 holiday shopping revenue.

U.S. Credit Card Use Fell for Sixth Straight Month in July

Credit card use plunged for the sixth straight month in July, with total consumer debt falling by $3.6 billion, or 1.75%, the U.S. Federal Reserve announced Wednesday.

Consumer Credit Use Falls for Fifth Straight Month

Consumer credit use fell another $1.3 billion in June, the Federal Reserve said, as Americans kept their credit cards in their wallets. But the belt tightening was less than expected: Economists had predicted credit would contract by $5 billion.