Consumer Debt Growth Slowed In November
WASHINGTON -- Slower growth in credit-card debt and auto loans held the November increase in consumer credit outstanding to $2.22 billion, or a 4.4% annual rate, the Federal Reserve Board said.</br></br>Consumer credit rose a revised $2.88 billion, or a 5.7% pace, in October. Previously, the October increase was put at $3.74 billion.</br></br>"We may be seeing post-crash caution," said David Wyss, senior vice president at Data Resources Inc. in Lexington, Mass. "People got scared and thought maybe they shouldn't run up big credit-card balances. People are still buying but they're paying cash, un-American as that seems."</br></br>Auto loans, which account for about 40% of all consumer borrowing, increased $197 million in November after a $1.24 billion increase the month before. Mr. Wyss suggested that some auto buying in late November will be reflected in December credit statistics.</br></br>Revolving credit, which includes retail and bank-card debt and accounts for about 25% of all consumer borrowing, expanded $457 million in November after rising $1.44 billion in October.