Credit Card Usage drops for 27th Straight Month
Credit card usage fell for the 27th straight month according to Federal Reserve’s Report on consumer credit. The report says November credit card borrowing decreased $4.2 billion, or 6.3%, to $796.5 billion. The last time credit-card debt rose was August 2008.
Overall consumer credit outstanding increased $1.3 billion, or 0.7%, to $2.40 trillion.