WASHINGTON – Consumer credit fell by $14.8 billion in September, or 7.2% at an annual rate, to a seasonally adjusted $2.456 trillion from $2.471 trillion in August, the Federal Reserve reported today. Credit has fallen for eight straight months.
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Revolving credit, which includes credit card loans, fell by $9.9 billion, or 13.3% in September. Non-revolving credit, which includes loans for cars and education, fell by $4.8 billion, or 3.7%.
Economists expected consumer credit to decrease $10 billion for the month, according to the median estimate from Thomson Reuters.
Consumer credit was revised higher in August to $2.471 trillion.
