watch nowIn the last year, credit card debt spiked to a record $1.14 trillion.
Revolving debt, which mostly includes credit card balances, fell 1.2% in August, compared to a year earlier, according to the Federal Reserve's G.19 consumer credit report released on Monday.
Nonrevolving debt, such as auto loans and student loans, rose 3.3%.
After a prolonged period of high inflation and sky-high interest rates rates, spending habits are adjusting, according to Ted Rossman, Bankrate's senior industry analyst.
"Consumers have been in a pretty frugal mood lately," he said.
Persons:
Ted Rossman
Organizations:
Federal, Consumers