stack of credit cards Source: Shutterstock

Banks and credit unions were seeing slowing loan growth showing up in credit cards on the eve of the peak holiday-shopping season, according to a Fed report released Dec. 6.

Measured from October to October, the pace of growth was sharply lower for both banks and credit unions, which hold 96% of consumer balances. The continued strength of consumer spending has been the main pillar of the nation’s continued economic growth as business investment has waned.

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Jim DuPlessis

A journalist for decades.

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