Continuing what would appear to be a trend consumers have cut back on their use of credit cards, knocking another 3.3% off the annual rate of borrowing in January. When other credit such as student and auto loans continued to rise (though at a slower rate) this was the second drop in credit card spending in a three month period. While overall consumer credit spending is down, the Fed do not see that as a point of concern for the economy as a whole. It should go without saying, however, that as the effects of the coronavirus pandemic continue to be felt, future numbers could become somewhat more volatile.
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