Consumer Debt Tapers Off As Credit Card Loans Fall
U.S. consumer debt posted the smallest increase in three months as credit-card loans fell, suggesting Americans had limited appetite to spend beyond their means, Federal Reserve figures showed Wednesday.
Total credit rose $10.9 billion in September from the prior month, compared with the median estimate of economists in a Bloomberg survey for a $15 billion increase. That followed an upwardly revised $22.9 billion gain in August.
The data reflected a $312 million decrease in revolving debt, the third decline in six months. That figure, which includes credit cards, shows consumers were staying cautious on running up such debt toward the end of the third quarter.