Credit Card Debt Dropped Significantly in November

January 14, 2015, Written By Lynn Oldshue
Credit Card Debt Dropped Significantly in November

The latest monthly report from the Federal Reserve showed a large decline in credit card debt during the month of November, the first decrease in three months.

According to the Federal Reserve’s Consumer Credit report, the total revolving credit is now $882.1 billion after a decrease of $946 million in November. This is the largest decline in over a year and is 1.3% decline on an annualized basis

Revolving credit consists mostly of credit card debt.

Americans may have been prepping for the holidays by clearing up debts to make room for new ones.

Overall consumer borrowing is at a record level. It rose $16 billion in October and another $14 billion in November. Total borrowing excluding real estate loans is now at $3.297 trillion.The Commerce Department reported a 0.7% increase in retail sales for November compared to October, the strongest gain in eight months.

The information contained within this article was accurate as of January 14, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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