In a post last month, we discussed consumer debt in the United States. Specifically, we talked about how, in August, consumer credit in the United States went down. Recently, an article on Reuters’ website reported on some statistics that regarded consumer credit in the United States in September. These statistics indicate that the trend of falling consumer credit that the U.S. saw in August did not continue in September.
According to the statistics, consumer credit rose in the United States in September. The total amount of credit held by consumers in the United States reportedly went up by $7.39 billion between August and September.
According to the statistics, the amount of non-revolving credit (a credit category which includes things like student loans and auto loans) held by consumers in the United States went up by $8.01 billion in September. Meanwhile, the amount of revolving credit (a credit category that includes things like credit card debt) held by consumers in the United States actually went down by $627.1 million in September.
Thus, the statistics that the above-mentioned Reuters article reported on indicate that the United States saw a rise in consumer credit in September and that this rise was driven by non-revolving credit, not revolving credit. One wonders what caused the consumer credit trends the United States saw in September and what impacts these trends and their causes have had on consumers in Florida and the rest of the country. One also wonders what trends in consumer credit the United States will see in future months.
Source: Reuters, “Consumer credit use up in September: Fed,” Nov. 7, 2011