The amount of credit card debt consumers carried nationwide increased once again in October.
Americans' credit card debt climbed 0.6 percent in October, just as it did in September, according to the latest monthly statistics on consumer credit from the U.S. Federal Reserve Board. At the end of the month, consumers owed lenders a total of $792.3 billion, up from September's total of $792 billion. This was also the highest total observed in several months.
At the same time, consumers seemingly felt more comfortable dealing with other types of debt, such as student or auto loans, the report said. The amount of money borrowed on this type of loan – known as nonrevolving credit – rose 5.3 percent to a total of close to $1.67 trillion.
In general, Americans have been feeling better about their finances in recent months and consequently may believe that they are also in a more advantageous position when it comes to dealing with debt. However, experts recommend that consumers carefully review all aspects of their finances before obtaining new lines of credit.