Consumer credit fell for the eighth straight month in September, according to a report released by the Federal Reserve on Friday, with the decrease exceeding economist estimates.
The Federal Reserve said that total consumer credit fell by $14.8 billion or 7.2 percent in September to $2.456 trillion. Economists had been expecting a decrease of about $10 billion.
The continued decrease in consumer credit reflected decreases in both revolving credit and non-revolving credit.
Revolving credit, which includes credit card debt, fell by $9.9 billion or 13.3 percent to $889 billion.
Non-revolving credit, which includes car and student loans, fell by $4.9 billion or 3.7 percent to $1.567 trillion.
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