Consumers Hit the Brakes on Debt Just as it Reaches Record Levels
The sharp decline in December may be a harbinger of weaker consumer spending or it could be just a reaction to higher interest rates.
Feb. 8
“Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed.
The American love affair with debt took a timeout in December.
After piling on debt for much of the year – in 2023, the type of credit commonly provided by charge cards and other loans increased 8.4 percent – consumers slammed on the brakes in the last month of the year. Credit expanded by just 0.4% in the month, according to the Federal Reserve’s monthly credit report released Wednesday.
US NEWS & WORLD REPORT
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