Tax Cuts in Hand, Americans Reduce Credit Card Debt

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 percent, or $11.6 billion. Economists had expected $15.2 billion, according to Bloomberg.

Credit card debt declined three percent, the second monthly decline in a row. This could be an unexpected result of the tax cuts.

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