Growth of Revolving Debt Slows, Auto Loan Rates Spike in Q4 2022
The balance of consumer credit outstanding grew 6.5% in the fourth quarter of 2022 (seasonal adjusted annual rate) after climbing 6.7% (SAAR) in the third quarter according to the Federal Reserve’s latest G.19 Consumer Credit report. Revolving debt—which consists primarily of credit card debt—increased at a…