U.S. consumer debt rose more than estimated in August, boosted by gains in both revolving and non-revolving credit, Federal Reserve figures showed Friday.
Total credit increased $20.1b, the most since May (est. up $15b) after a revised $16.6b in the prior month. Revolving credit outstanding climbed $4.8b m/m, after a $1.4b gain. Non-revolving debt outstanding jumped $15.2b m/m after a $15.2b rise.
Key Takeaways Non-revolving debt, which includes loans for education and automobiles, posted the best back-to-back monthly gains since late last year. The increase in revolving debt, which includes credit cards, was the most since May, a sign consumers continue to spend more freely.
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