In January, US consumer borrowing rose $19.5B, driven by non-revolving credit ($11.1B) and revolving credit ($8.4B), reaching a record $5.04T.

US consumer borrowing in January exceeded forecasts, rising $19.5 billion due to a surge in non-revolving credit, which increased $11.1 billion, the most in seven months. Total credit outstanding hit a record $5.04 trillion. Revolving credit, including credit cards, climbed $8.4 billion in January. The Federal Reserve data suggests US consumers increased borrowing despite rising interest rates.

March 07, 2024
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