Credit card debt grew moderately in September, as gas prices continued to decline. While inflation remained an issue impacting consumers, rising 8.2 percent over the year for September, gas prices were down 4.9 percent from August. This follows August’s month-over-month 10.6 percent downslide in gas prices.
Consumer revolving debt — which is mostly based on credit card balances — gained $8.4 billion on a seasonally adjusted basis in September, reaching $1.162 trillion, according to the Fed’s G.19 consumer credit report released Nov. 7.
Card balances have been growing in recent months as consumers combat inflation and load up their cards. Gas prices have especially impacted since consumers typically turn to cards to pay for gas. And outstanding card balances can rise at month-end if consumers pay off their balances later, whenever they are due.
