Credit Card Use in US Records Sharp Decline

The slowdown in borrowing suggests households may be shifting from credit-fueled spending to greater caution.
Credit Card Use in US Records Sharp Decline
A consumer uses a credit card at a store in Burlington, N.J., on Feb. 5, 2025. Samira Bouaou/The Epoch Times
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
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Americans’ use of credit cards in the 12 months through August saw its steepest contraction since the pandemic recession, suggesting that the U.S. consumer sector may be shifting from credit-driven resilience toward a more cautious footing.

According to the Federal Reserve’s G.19 Consumer Credit report for August, total consumer credit grew at a negligible 0.1 percent annual rate, a sharp deceleration from 4.3 percent in July. Revolving credit—primarily credit cards—fell at a 5.5 percent annualized rate, while nonrevolving credit, such as auto and student loans, rose 2 percent, partly offsetting the decline.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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