US: Another Staggering Drop in Consumer Credit |
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Consumer credit outstanding plunged further in September by $14.8B, much more than consensus estimates. Revolving credit dropped $9.9B while the non-revolving component fell $4.9B. Revolving Credit Plunged Again The revolving component continued to fall at a 13.3 percent annual pace, similar to the decline in August. This put the drop in revolving credit for the third quarter at $22.7B. Nonrevolving credit increased $0.2B in August in the revised data, likely attributable to the
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