After taking a hit in October, consumer credit in the U.S. leapt forward by $12.33 billion in November as Americans rekindled their torrid love affair with credit card spending.
The lion’s share of the increase came from a sharp expansion in outstanding credit card debt. U.S. consumers increased credit card spending 11.9%, or $8.56 billion, in November, the Federal Reserve announced Monday. October’s credit card numbers were also revised up to 4.23%. Total credit card debt outstanding in the U.S. is now at $872.62 billion.
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