Spending under pressure as revolving credit card debt rises sharply

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The Federal Reserve’s G19 report showed that revolving credit, including credit cards, grew at an annual rate of 14.5% in September, accounting for more than half of the $28 billion increase in consumer credit. Total consumer credit rose to $5.224 trillion, growing at a seasonally adjusted annual rate of 6.4%, up from 1.9% in August; non-revolving credit growth fell to 3.6%.