non-revolving debt

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.

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 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.