U.S. consumer revolving credit, mostly credit card debt, hit the brakes in October, growing at an annual rate of +2.9%, compared to a revised +5.0% annual rate in September and a revised +6.9% annual rate in August.
Overall U.S. consumer credit increased at a seasonally adjusted annual rate of +5.2% in October. Non-revolving credit increased at an annual rate of +6.0%.
Total U.S. consumer revolving credit for October posted at $981.3 billion, compared to a revised $979.0 billion in September, and a revised $974.9 billion in August, according to the Federal Reserve.
U.K. consumer credit continued to expand at a brisk pace in October, topping 10% year-on-year (YOY). In October total consumer credit grew to £190.1 billion. The three-month annualized and twelve-month growth rates, seasonally adjusted (SA), were 10.6% and 10.5% respectively. The Bank of England (BOE) reports consumer credit increased by £1.6 billion in October, in line with the average over the previous six months.
Within consumer credit, credit card lending increased by £0.6 billion in October, compared to an average of £0.5 billion over the prior six months. Other loans and advances increased by £1.0 billion, compared to the average of £1.0 billion over the previous six months. According to new and revised BOE data credit card lending hit £66.2 billion for a 9.0% YOY gain in October.
Australian credit card outstandings rose by 1.6% year-on-year (YOY) in October. Credit card credit limits increased 2.3% YOY and the number of credit card accounts rose 2.6% YOY in October.
The average balance per account in October declined 1.0% YOY to AU$3070, compared to AU$3074 for September, and AU$3102 for October 2015. Credit card outstandings for October hit AU$51.4 billion, compared to AU$51.4 billion in the prior month, and AU$50.6 billion in October 2015.
Credit card credit limits for October hit AU$151.6 billion, compared to AU$151.5 billion in the prior month, and AU$148.2 billion in October 2015. At the end of October the number of credit/charge card accounts stood at 16.74 million, compared to 16.72 million for the prior month, and 16.31 million in October 2015.