U.S. Consumer Credit Growth Slows in August Amid Credit Card Balance Decline

In August, the growth of consumer credit in the United States slowed compared to the previous month, largely due to the largest drop in credit card balances since March 2021. Data released by the Federal Reserve indicated that total consumer credit increased by $8.9 billion, following an upward revision of July's figures to $26.6 billion, marking the most significant rise since October 2022. Economists surveyed by Bloomberg had estimated a median increase of $12 billion. It's important to note that these fi ...