The soaring use of credit this year largely reflects Americans buying more goods and services — a show of strength for the economy. High inflation and rising interest rates could also be forcing households to borrow more, however.
Economists had expected a $30 billion increase, according to the Wall Street Journal forecast.
How much credit households use is seen as a good window into the strength of the economy. Consumers tend to borrow more when times are good and cut back when the economy is weak.
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