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Revolving Credit Drops 12% in November as Consumers Trim Balances
- Revolving credit, such as credit cards, dropped by 12% in November as consumers trimmed balances.
- Overall credit fell at a seasonally adjusted annual rate of 1.8% in November.
- Revolving credit saw the steepest decline in 50 months, constituting the third decrease of the year.
- Higher interest rates and cost of borrowing have made paying down debt a priority for consumers.
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