Consumer borrowing jumps
Reporting from Washington — Consumer borrowing increased at an annual rate of 10% in November, the largest jump in a decade, as Americans were more comfortable using their credit cards early in the holiday season, the Federal Reserve reported.
Overall consumer credit surged $20.4 billion in November from the previous month to $2.48 trillion, the Fed said Monday. The percentage increase was the largest since an 18.4% jump in November 2001.
The figures include most short- and medium-term credit, such as increased auto and student financing, but not mortgages or home-equity loans.
Outstanding credit card debt increased 8.5% in November, and non-revolving debt such as car loans increased 10.7%, the Fed said.
With the exception of a 5% drop in consumer credit in August, when consumer confidence also plunged on European debt fears, borrowing was up every month last year amid the economy’s sluggish recovery.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
