Last month, we discussed how consumer credit in the United States went up in September. Some recent debt-related statistics indicate that this trend of rising consumer credit continued in October. The statistics were reported on by an article on Reuters’ website and they are from the Federal Reserve.
The statistics indicate that consumer credit went up in October. Reportedly, in October, consumer credit rose by $7.65 billion. This rise is slighter greater than the rise in consumer credit the nation saw in September.
The statistics also indicate that both of the subcategories of consumer credit went up in October. The two subcategories are non-revolving credit (a subcategory that includes things like student loans and auto loans) and revolving credit (a subcategory that includes things like credit card debt). Reportedly, in October, non-revolving credit increased by $7.28 billion and revolving credit went up by $366.2 million.
Thus, the statistics indicate that revolving credit, non-revolving credit and (consequently) consumer credit as a whole went up in the United States in October of 2011. One wonders if the U.S. will see similar trends in future months. One also wonders what caused these trends to occur and what effects these trends and their causes have had on consumers in the United States.
Thus, it will be interesting to see what happens with consumer credit in the United States in future months and whether any determinations are made regarding the causes of the trends in consumer credit that occurred in the United States in October of 2011.
Source: Reuters, “October consumer credit up for 2nd straight month,” Dec. 7, 2011