Credit-card balances have contributed to a surge in borrowing across the US in December, according to new data.
US consumer borrowing surged in November by the most in a year, driven by a jump in credit-card balances as the holiday shopping season kicked into high gear. Total credit rose by $23.8bn, up from a revised $5.8bn in October, according to Federal Reserve data out on Monday. Revolving credit outstanding, which includes credit cards, increased by $19.1bn in November, the most since March 2022.
January 08, 2024
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