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US Consumers Unexpectedly Paid Down Their Credit Cards In November; Have "Uncharged" $115BN In 2020
There appears to be a major discrepancy between BofA's in house debit/credit card data, which showed a remarkable increase in the month of November... and the Fed's own consumer credit data aggregation, because according to the latest Consumer Credit (G.19) report, in November revolving debt, i.e., credit card debt, shrank for a second consecutive month declining by $787MM following the $5.5 billion drop in October. This means that in the first 11 months of 2020, US consumers have paid down a record $115bn in credit card debt. The flip side, however, is that as revolving credit dropped, non-revolving credit rose, and ... (full story)