(Bloomberg) -- US consumer borrowing surged in November by the most in a year on a jump in credit-card balances as the holiday-shopping season kicked into high gear.

Total credit rose $23.8 billion after rising a revised $5.8 billion in October, according to Federal Reserve data out Monday. The figure well exceeded the highest estimate in a Bloomberg survey of economists, which had a median forecast of $8.6 billion.

Revolving credit outstanding, which includes credit cards, increased $19.1 billion in November, the most since March 2022. Non-revolving credit, such as loans for vehicle purchases and school tuition, climbed $4.6 billion. The figures aren’t adjusted for inflation.

Interest rates for personal loans and those for new cars increased in November from the third quarter. With higher borrowing costs and bigger card balances, consumers are at risk of pulling back on discretionary spending in the coming months.

So far, steady hiring, wage growth and savings have given American consumers the confidence to keep spending and carry more credit-card debt. 

According to separate data from the New York Fed, the amount of revolving debt outstanding was more than $150 billion higher in the third quarter than a year earlier, the largest annual increase in data back to 1999.

There are some signs of stress. New York Fed data also showed the rate of credit-card debt becoming newly delinquent rose in the third quarter. The increases were largest for millennials, or those born between 1980 and 1994, as well as people who also have auto loans and student debt.

--With assistance from Chris Middleton.

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