US consumer borrowing growth slows on drop in revolving credit
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US consumer borrowing increased by US$8.9 billion in August 2024; this is a slowdown from a revised US$26.6 billion increase in July 2024, the largest since October 2022; economists had estimated a US$12 billion increase; revolving debt, including credit cards, decreased by nearly US$1.4 billion; non-revolving credit, such as vehicle and tuition loans, rose by US$10.3 billion; credit card borrowing rates reached a record 23.37% in August; a 60-month vehicle loan from a commercial bank rose to 8.4%; the share of consumer debt in delinquency held at 3.2% in Q2 2024; the decline in revolving debt indicates consumers are reducing high-interest credit card balances.

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