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US Consumer Borrowing Cools as Credit-Card Debt Growth Slows
© Bloomberg. A woman holds her debit card as uses a laptop in a cafe in this arranged photograph in London, U.K., on Thursday, Sept. 10, 2020. U.K. consumer spending jumped the most since 2016 last month, led by a surge in Internet purchases as bars and restaurants continued to suffer. Photographer: Hollie Adams/Bloomberg
(Bloomberg) -- US consumer borrowing rose in September by less than expected, reflecting a smaller advance in credit-card debt outstanding.
Total credit increased $25 billion from the prior month, Federal Reserve figures showed Monday. The median forecast in a Bloomberg survey of economists called for a $30 billion advance. The figures aren’t adjusted for inflation.
Revolving credit outstanding, which includes credit cards, rose $8.3 billion, the smallest increase in four months. Non-revolving credit, such as loans for school tuition and vehicle purchases, increased $16.7 billion, the most in three months.
Inflation has surged across the economy, driving up the costs of everything from necessities like electricity to more discretionary purchases like airfares.
As a result, some households are beginning to tighten their belts. Visa Inc (NYSE:V). and Mastercard Inc (NYSE:MA). both noted recently that spending growth had slowed. More broadly though, American households have proved to be largely resilient amid rapid price increases.
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