Balances On Consumer Credit Cards Bumped Up During November

Tuesday, January 10th, 2012
Updated: January 10th, 2012
The content is accurate at the time of publication and is subject to change.

Numbers released by the Federal Reserve showed that consumer credit card balances rose in November for a third consecutive month as Americans went into the holiday season with their plastic pulled out and ready to spend. However, many were hesitant to overspend despite a decrease in the nation’s unemployment rate.

The Federal Reserve released data which indicated that consumer credit card balances rose all throughout November for the third month in a row. According to the most recent G.19 consumer credit report, there was an 8.5% increase in the amount of revolving debt as more and more individuals opted to spend using their credit cards. Overall for the month of November, revolving debt across America swelled by $5 billion to a grand total of $798.3 billion. Nearly all the revolving debt accounted for in the report is comprised of credit card debt.

One senior economist at the world’s biggest economics organization HIS Global Insight said that the latest G.19 results indicate an improved attitude throughout American Households on the topic of finances and the economy which make them more comfortable with pulling out their credit cards at the register. This particularly rings true in the month of November leading into the holidays when people are programed to go into spending mode. “It’s a month where you kick off the sales for the holiday season,” the expert said.

Included in the G.19 report which is released by the Fed on a monthly basis is non-revolving debt such as home loans, auto loans and student loans. November saw an increase in non-revolving debt as well, which soared some 10.7% to $1.68 trillion. As a whole consumer credit, which combines both revolving and non-revolving debt, grew by 9.9% in November to $2.48 trillion. This was the third straight month for this increase, as well.

The National Retail Federation noted a four-and-a-half percent jump in year-over-year consumer spending during November, which caused them to plump up their overall holiday spending estimates.

“Consumer spending this season has surpassed expectations,” said Jack Lleinhenz, The National Retail Federation’s Chief Economist in a statement released by the company.

He went on to say that, “Many shoppers continue to stick to their budgets and buy only what they need.”

Indeed, many experts note that the overall spending by consumers was modest at the end of 2012 which signifies that a majority of shoppers opted not to spend more during the holiday season than they could afford.

It’s worth noting that the unemployment rate also dipped in November to 8.6% which is the lowest figure since March of 2009.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Latest Other Card News

Wednesday, October 30th, 2019

Yesterday, on October 28, Uber introduced their new team – Uber Money. According to the official website, it is supposed to work on financial products and technologies to let their customers access, manage, and grow money easier and faster. Uber is expected to develop several new features, as well as make enticing improvements to existing […]

Monday, August 19th, 2019

The results of the 2019 Debit Issuer Study, commissioned by PULSE®, a debit/ATM network, and conducted by Oliver Wyman, a global management consulting firm, show that consumer debit use has skyrocketed in the last year and will keep soaring. In 2018, the number of debit transactions increased by 6.7% reaching more than 68 billion. According […]

Sunday, July 21st, 2019

Some serious changes are in store for many Citi credit cards like the Citi Prestige Card, the Citi Premier Card, the Citi Double Cash Card, the Costco Anywhere Visa Card by Citi, the American Airlines AAdvantage MileUp℠ Card, and some other. The updates imply elimination of some consumer and travel benefits. The bank’s official response […]

Friday, May 31st, 2019

Priority Pass is a world-known program offering its members access to over 1200 airport VIP lounges with free food, drinks and entertainment in more than 500 cities across 143 countries. The program is available to everyone who’s paid for membership, regardless of a tickets class.

Thursday, March 7th, 2019

A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.

Best Credit Offer
Horizon Gold
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Horizon Card Services Horizon Gold Credit Card
Copyright © 2001-2020 All Rights Reserved.

*See the credit card's terms and conditions on the online application page. Note that this website may be compensated by credit card issuers when the visitor applies for a card through the links on this website. We do our best to maintain all information accurate and up to date. However, we do not warrant the credit card information won't change. Click the "Apply Online" button and review the current info on the secure credit card terms page.

Information in these articles is brought to you by Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

The webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions. makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that may be compensated by the credit card issuers when the readers apply for a credit card through this site. is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. does not review or list all available financial or credit offers.

Disclosure: Not an access card.

You've successfully subscribed!

Please specify the following:All these fields are optional

Thank you for providing this information! We will make sure our letters are useful for You.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.