US Consumer Credit Surged to $27.84 Billion in September, More Than Doubling Forecasts

American consumers took on far more debt than expected in September, with consumer credit expanding by $27.84 billion, more than double the consensus forecast of around $13.80 billion and more than three times the revised August figure of $8.28 billion.

The result marks a sharp acceleration in borrowing appetite, suggesting consumers remained willing to finance spending despite elevated interest rates. The magnitude of the beat, roughly $14 billion above expectations, is among the largest surprises in recent months for this closely watched gauge of household financial activity.