After a torrid summer which saw a surge in revolving (i.e., credit card) debt in July and a near record surge in non-revolving credit in August, in October consumer credit growth crumbled, as Americans only added $9.6 billion to their total debt, largely as credit card usage crumbled in both August and September.

However, things were promptly back to normal in October, when total consumer credit jumped by $18.9 billion, almost doubling the previous month’s total, driven by a fresh surge in credit card usage.

Total consumer credit rose a 5.5% annual rate to $4.165t, more than double the rate of growth of the broader economy.



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