According to the Federal Reserve, consumer credit increased at an annual rate of 1-1/2 percent in the third quarter.
But revolving credit decreased at an annual rate of 3-1/4 percent, while non-revolving credit increased 3-3/4 percent. In September, consumer credit increased at an annual rate of 3-1/2 percent.
The increase of non-revolving consumer debt is linked to auto and student loans.
If we look at the change in consumer revolving debt from month-to-month you can certainly see the mountain of consumer debt we left behind in 2008.
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