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Will U.S. non-revolving credit increase by more than 5% in August 2024?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Federal Reserve's monthly consumer credit report
Story
US Consumer Credit Surges by $25.452 Billion in July, Largest Increase Since November 2022; Revolving Credit Up 9.4%
Sep 9, 2024, 07:01 PM
On Monday, the Federal Reserve announced that U.S. consumer credit increased by $25.452 billion in July 2024, marking the largest monthly increase since November 2022. This figure significantly exceeded the forecasted $11.2 billion. The rise in consumer borrowing was driven by substantial increases in both revolving and non-revolving debt. Specifically, revolving credit, which includes credit card balances, rose by 9.4%, while non-revolving credit, such as auto and student loans, increased by 4.8%. Overall consumer credit was up 6.0%. This surge in consumer credit reflects higher borrowing amid economic uncertainty.
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