Consumer Card Debt Remains in a Yo-Yo Funk

The erratic pattern of consumer spending and borrowing in 2019 was realized again in November, after a robust October. Over the past 11 months the monthly YOY (year-on-year) change has range from a revised minus 2.3% (March) to a revised positive 10.2% (July). The October credit card surprise wherein Americans tacked on $8 billion in revolving credit petered-out in November, dropping more than $2 billion, ostensibly due to the very late Thanksgiving Day holiday break. As a result, the year-over-year expansion in credit card debt declined in November by nearly 3%, compared to a near 9% increase in October.


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