Companies and Brands
Consumer Credit Use Rises in June, but Not for Retailers
Published:
Last Updated:
Consumer credit rose by $13.8 billion in the month of June, but it is not exactly debt going on credit cards. The Federal Reserve showed that revolving credit, credit used on cards and the like was down by 3.8%. The non-revolving credit debt (loans for mobile homes, education, boats, trailers, or vacations) rose by 10%.
Bloomberg was calling for consumer credit to increase by $15 billion. The lower than expected report issued today has to be tied to lower consumer use of credit cards because the gains elsewhere were so large. This may not be the best news in the world for the retailers, although June is considered a throwaway month for many retailers.
Total outstanding credit rose to $2,847.9 trillion. Revolving credit was $853.6 billion, while non-revolving credit was $1.9943 trillion.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
