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US consumer credit fell for the first time since 2024

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Data released by the U.S. Federal Reserve recently shows that U.S. consumer credit fell for the first time on a month-on-month basis since 2024 in May, indicating that under inflation pressures, Americans are becoming more cautious about borrowing, reflecting economic concerns. The report shows that the total amount of U.S. consumer credit decreased by $182 million in May. Among them, revolving credit balances such as credit cards recorded the largest month-on-month drop since 2024. An analysis in an article on the Microsoft Network website in the U.S. said that the decline in consumer credit is mainly because credit card annual interest rates remain high, driving up borrowing costs. This shift suggests some households are reducing their reliance on high-interest debt, and the credit tightening trend could affect discretionary spending in the coming months. If consumer credit continues to tighten, it may ultimately affect housing demand and other large spending categories. (Xinhua)
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