WASHINGTON – Consumer credit fell $17.5 billion in November, or 8.5% at an annual rate, to a seasonally adjusted $2.464 trillion from $2.482 trillion in October, the Federal Reserve reported today.
It was the largest percent decline for consumer credit since May 1980 when consumer credit dropped 9.0%. Total consumer credit has fallen for 10 consecutive months.
Revolving credit, which includes credit card loans, fell by $13.7 billion in November.
Non-revolving credit, which includes loans for cars and education, decreased by $3.8 billion.
Economists expected consumer credit to fall by $5 billion in November, according to the median estimate from Thomson Reuters.
October consumer credit fell 2.0%, revised down from a 1.7% decline initially reported.
