WASHINGTON – Consumer credit fell $3.5 billion in October, or 1.7% at an annual rate, to a seasonally adjusted $2.483 trillion from $2.486 trillion in September, the Federal Reserve reported today.
Total consumer credit has fallen for nine consecutive months. This was the smallest decline since August.
Revolving credit, which includes credit card loans, fell by $6.9 billion, or 0.8% in October. Non-revolving credit, which includes loans for cars and education, increased by $3.5 billion, or 0.2%. Non-revolving credit last increased in August.
Economists expected consumer credit to decrease $9.3 billion for the month, according to the median estimate from Thomson Reuters.
Consumer credit was revised to $2.486 trillion for September from $2.456 trillion initially reported.
