WASHINGTON—Consumer credit grew less than expected in March, as Americans reduced the amount of credit card debt they carry.
The Federal Reserve said consumer credit in March grew at a seasonally adjusted annualized rate of 3.6%, or $11.6 billion.
“Credit card debt declined 3%, the second monthly decline in a row. This could be an unexpected result of the tax cuts. With many Americans facing lowering tax bills and lower levels of withholding, paychecks have grown even as wage gains have remained muted. As a result, many households may have found themselves needing less credit to pay their bills,” Breitbart stated.