Revolving Debt Climbs as Credit Card Interest Rates Set New Records

The balance of consumer credit outstanding grew 7.1% in November 2022 (seasonal adjusted annual rate) after climbing 7.4% (SAAR) in October according to the Federal Reserve’s latest G.19 Consumer Credit report.  Revolving debt—which consists primarily of credit card debt—increased at a 16.9% rate, more than four times the growth of nonrevolving debt (excluding real estate) which grew 3.9% (SAAR). Credit card… Read More ›