Credit Card Use Drops in November
- Share via
Consumers used their credit cards less in November, but they couldn’t say no to automobile purchases.
The Federal Reserve reported that consumers increased their borrowing by $4 billion, or an annual rate of 2.4%, in November, pushing up their total debt to $1.99 trillion.
Most of the borrowing was in nonrevolving credit, which includes new cars, vacations and education. That borrowing rose by $4.6 billion, or a rate of 4.4%.
Revolving credit, which includes credit cards, dropped by $564 million in November, or a rate of 0.9%.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
