U.S. revolving credit contracts in August
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AI-assisted source synthesis · not an independent investigation.
A report dated October 8, 2026, said that U.S. consumer credit growth slowed to 1.9% in August. Revolving credit contracted at an annualized rate of 4.2%, while nonrevolving credit grew at an annualized rate of 4.1%, becoming the main driver of consumer credit growth. Outstanding consumer credit balances rose to $5.197 trillion in August, with nonrevolving credit balances reaching $3.844 trillion and revolving credit balances falling to $1.352 trillion. During the same period, the average annual percentage rate on interest-bearing credit card accounts rose to 22.36%, while the average interest rate on new 60-month auto loans rose to 7.54%. The report noted that higher borrowing costs added to considerations in household financing decisions.
AI-written from reports · updated 8 days ago
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- PYMNTSConsumers grow more cautious about credit choices
U.S. consumer credit growth slowed to 1.9% in August, with revolving credit contracting at an annualized rate of 4.2%, while growth was driven mainly by nonrevolving credit, which increased at an annualized rate of 4.1%. Outstanding consumer credit rose to $5.197 trillion, with nonrevolving balances reaching $3.844 trillion and revolving balances falling to $1.352 trillion. The average APR on interest-bearing credit card accounts rose to 22.36%, while the average interest rate on 60-month new-car loans rose to 7.54%, making borrowing costs a greater consideration in household financing decisions.