November marked the 27th straight month U.S. consumers cut their overall borrowing, the Federal Reserve announced on Friday.
However, despite this drop, outstanding consumer credit rose by $1.3 billion during the month, bringing the overall total to $2.4 trillion.
Economists say this increase was largely the result of rising student loan debt, and that the high unemployment rate. Additionally, the recent drop in home values was found to be responsible for the decrease in revolving credit, The Wall Street Journal reports. The Federal Reserve also revised its October figures, finding that the total amount of consumer credit rose by twice the amount it originally reported.
Earlier estimates predicted the consumer debt total would remain unchanged for November; however, this was the result of October’s numbers being incorrectly reported, the news source says. Revolving credit – the kind typically reserved for monthly bill payments – decreased $4.2 billion during the month, bringing the total down to just under $800 billion.
The results indicate that during the first part of the holiday season, consumers kept good on their promise to use their credit cards less for purchases.