Consumer credit overall increased, while revolving debt — that’s mostly on credit cards — was down 1.2%, according to the Federal Reserve.

Adobe Analytics projects that buy now, pay later loans could drive as much as $84 billion in spending in 2024. But the debt shoppers are racking up is basically hidden from credit bureaus, lenders and economists.

Consumer debt levels have been rising. While wage gains have helped people pay off debt, those gains have been slowing down.

Credit card balances alone were up 15% in the third quarter. Higher prices for necessities and higher interest rates are contributing factors.

Lawmakers from politically drawn districts feel less pressure to cater to voters and exert less pressure on lenders, a researcher says.

The Federal Reserve said total consumer credit rose by 10% in May. And lenders issued roughly 6 million new credit cards in March, according to Equifax.

Outstanding credit card balances have been down, but people may start racking up the debt again.

That doesn’t necessarily mean they’re taking out more loans, but borrowing could pick up in some categories, such as auto loans.

A turbulent stock market, rising interest rates and the government shutdown didn’t do much to curb borrowing. Americans continued putting more money on their credit cards and taking out more loans for school and autos in December. Consumer credit grew 5 percent, up $17 billion, according to the latest monthly report from the Federal Reserve. […]

The modern credit economy mostly works, author Josh Lauer says.