The total amount of consumer credit, including credit cards, auto loans, and student loans, increased by more than $27 billion from October to November, which was more than $7 billion more than economists were expecting.
The amount of credit card debt outstanding jumped by more than $13 billion, the largest increase in a year. The amount of non-revolving debt, which includes auto loans and student loans, increased by nearly $17 billion. Much of that growth came from people who had to buy new cars that were destroyed by hurricanes that hit Texas and Florida during the fall.
Increased consumer confidence in the U.S. economy is being cited as the reason why more people are borrowing money, according to published reports. The Conference Board’s consumer confidence index hit a 17-year high in November as well.