Credit Card Debt Increases While Overall Consumer Debt Falls in September
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Consumer debt fell slightly in September, but it was non-revolving debt such as a drop in car loans that caused the change — credit card debt and other revolving debt continued to rise. According to Federal Reserve statistics released Monday, credit card and other revolving debt jumped 4.7% in September, and 2.7% for the full third-quarter. Non-revolving debt fell 2.8% in September, after large increases of 9.3% and 4.6% in July and August respectively. Despite September’s drop, the significant July/August increases lead to an overall 3.7% increase in non-revolving debt in the third quarter.
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