U.S. consumer credit unexpectedly fell by the largest margin in over a year in November

U.S. consumer credit unexpectedly decreased by $7.5 billion in November, marking the largest decline in over a year, while economists had originally predicted an increase of $15 billion. Credit card and other revolving debt balances fell by $13.7 billion, while non-revolving credit such as auto loans and tuition loans increased by $6.2 billion. Consumers are working to pay off credit card debts, with borrowing rates nearing 20%. Despite the Federal Reserve lowering the benchmark interest rate, high rates continue to put pressure on consumers. Auto sales accelerated in November, reflecting the increase in non-revolving credit