Americans Jump Start Holiday Credit Card Debt

Americans tapping holiday credit early this year as holiday spending drove U.S. credit card debt up by nearly $8 billion in October, now growing by approximately 9% over the prior year. The October surprise is consistent with the erratic pattern of consumer spending and borrowing in 2019. Over the past ten months the monthly YOY (year-on-year) change has range from a revised minus 2.3% (March) to a revised positive 10.2% (July). U.S. revolving credit, (97% credit card debt), increased in October at an annual rate of 8.8%, compared to one-year ago, and follows a revised +0.2% YOY (year-on-year) gain in September.

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