Overall Consumer Credit Decelerates in September; Card APRs Still at Multiyear Highs

All eyes were on the Federal Reserve’s interest rate cut this week.

As widely expected, the central bank delivered a 0.25% trimming to the federal funds rate Thursday (Nov. 7), which will take some time to work through the economy and impact the cost of debt, for everything from corporate loans to credit cards.

In the meantime, the latest stats on consumer credit — known as the G.19 report — showed Thursday that overall consumer credit, across revolving lines (like credit cards)...