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Consumer Credit Plummets 12% Amid Rising Borrowing Costs

1/9/2025

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Summary

Story summary

The Federal Reserve's November G.19 report reveals a significant 12% drop in revolving credit, the largest since the onset of COVID.
Consumer credit overall decreased at an annual rate of 1.8%, with $14 billion withdrawn from revolving lines.
High borrowing costs, with average credit card APR at 21.4%, are prompting consumers to focus on debt repayment.
Retail spending rose by 0.7% in November, sparking discussions on future borrowing patterns.

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Story summary

The Federal Reserve's November G.19 report reveals a significant 12% drop in revolving credit, the largest since the onset of COVID.
Consumer credit overall decreased at an annual rate of 1.8%, with $14 billion withdrawn from revolving lines.
High borrowing costs, with average credit card APR at 21.4%, are prompting consumers to focus on debt repayment.
Retail spending rose by 0.7% in November, sparking discussions on future borrowing patterns.