U.S. consumer revolving credit, mostly credit card debt, exploded in November, growing at double-digits annually. While slipping downward over the past three months, consumer credit jumped to a 13.5% annual rate of growth, compared toto a revised +2.9% annual rate in October and a revised +5.1% annual rate in September.
Overall consumer credit increased at a seasonally adjusted annual rate of +7.9% in November. Non-revolving credit increased at an annual rate of +5.9%.
Total revolving credit for November posted at $992.4 billion, compared to a revised $981.4 billion in October, and a revised $979.0 billion in September, according to the Federal Reserve.
On a quarterly basis U.S. revolving consumer credit is growing by 5.3% year-on-year to $979.0 billion for 3Q/16, compared to $966.2 billion for 2Q/16, and $924.2 billion for 3Q/15.
Total consumer credit, at the end of November, stood at $3750.0 billion.
U.S. CONSUMER REVOLVING CREDIT
3Q/15: $924.2 billion
4Q/15: $937.9 billion
1Q/16: $949.1 billion
2Q/16: $966.2 billion
3Q/16: $974.6 billion
Source: Federal Reserve