U.S. credit card debt rose at its fastest rate in 23 years to top $1 trillion in November, with credit unions expanding their revolving credit nearly as briskly.
The October-to-November increase was 2.6% nationally, the biggest October-to-November gain since card debt rose 3.71% in 1994, led by a 2.9% increase among banks. Credit unions increased their revolving consumer debt 2%, the biggest October-to-November gain in five years, according the Federal Reserve's Consumer Lending report released Monday.
Credit unions' share was 5.7% in November, essentially unchanged from October and up from 5.5% in November 2016. Banks held 88.1% in November, compared with 87.9% in October and 87% a year ago.
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