The Federal Reserve today reported that consumer borrowing decreased in September at an annual rate of 0.6 percent in the first decrease was the first since October 2005, when revised figures issued in February show total borrowing fell 4.0 percent.
U.S. consumer loans outstanding (not including mortgages) fell $1.2 billion in September, to a total of $2.366.7 trillion, Fed figures show.
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Revolving loans outstanding rose at an annual rate of 4.0 percent, or $2.9 billion, to a total of $875.4 billion. But those gains were more than offset by the decline, at an annual rate of 3.2 percent, in non-revolving loans, which fell $4.1 billion, to a total of $1.5130 trillion.
For the third quarter, the Fed figures show, total consumer borrowing rose at an annual rate of 3.5 percent, as revolving debt rose at 5.8 percent and non-revolving debt rose at an annual rate of 2.2 percent.
All figures are seasonally adjusted. The Federal Reserve’s full consumer credit statistical release for the month of September is available at www.federalreserve.gov.
