Reported 20 days ago
In October, US consumer borrowing rose unexpectedly, marked by a significant jump in credit-card balances—the largest since mid-2022—with total credit outstanding increasing by $19.2 billion. This surge included a $15.7 billion rise in revolving debt, driven by promotional events like Amazon’s Prime Day. Despite lower interest rates, many lower-income consumers are facing financial difficulties, as indicated by a slight increase in delinquency rates for consumer debt, particularly auto loans.
Source: YAHOO