Revolving Credit in US Hits $1T in August; Consumer Credit Up Slightly

The increase in U.S. consumer credit in August was smaller than experts’ expectations, Seeking Alpha reported.

Consumer credit increased to $14.4 billion in August, although expectations were that it would reach $17.5 billion, according to the report. It was also smaller than the $17.2 billion increase in July.

Total outstanding consumer credit in August was $4.35 trillion. It was $4.33 trillion in July, the report stated.

Revolving credit was $1 trillion, including credit card debt. That marked an increase from $998.6 billion in July, according to the report.

There was also non-revolving debt of $3.35 trillion, including auto and student loans, which was a boost from $3.3 trillion in July, the report stated.

In other consumer credit news, Visa has announced it will be rolling out new perks for those with consumer credit cards.

Read more: Visa Launches New Benefits for US Consumer Credit Cardholders

The new offerings include special deals with grocery delivery service Shipt, online learning service Skillshare and Sofar Sounds, a live music promoter. Visa said the perks and benefits will depend on what type of card a consumer has.

“We’re always looking to bring diverse and desirable experiences to Visa cardholders in ways that help create value in how they shop every day,” Brian Cole, head of product for North America at Visa, said in a prepared statement. “These new benefit providers enhance our refreshed credit benefits portfolio to deliver special access for Visa consumer credit cardholders.”

Meanwhile, in China, Ant Group has been instructed to turn over credit data to Chinese government officials to include in the federal credit reporting system there.

See more: Ant to Turn Over Consumer Credit Info to Chinese Government

Huabei, the Ant virtual credit card service, said it’s working on advancing its inclusion into the database held by the Credit Reference Center of the People’s Bank of China.