Consumer Borrowing in U.S. Increased at Slower Pace in October

December 7, 2015 — 3:00 PM EST

Consumer borrowing cooled in October, reflecting the smallest gain in Americans’ credit-card balances in eight months.

The $16 billion increase in total credit followed a revised $28.6 billion surge in the previous month, Federal Reserve figures showed Monday. Revolving debt climbed $179 million after a $6.7 billion advance, the data showed.

While households kept their credit-card balances in check in October, loan demand for motor vehicles remained robust. Borrowing probably will stay elevated as auto sales exceeded an 18 million rate for a record third month in November.

Job gains, more progress in restoring household balance sheets and greater disposable income has given Americans the confidence to take on more debt.

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http://www.bloomberg.com/news/articles/2015-12-07/consumer-borrowing-in-u-s-increased-at-slower-pace-in-october