US consumer spending outpaces lending growth in Q3
SPY•Fidelis Capital's October 23 analysis found US consumer spending grew 8%-13% in the third quarter of 2026, outpacing lending growth. Average card loans grew 5% at Bank of America and Wells Fargo, 7% at JPMorgan, and Citi's general-purpose card loan portfolio grew 9%.
1. Spending and lending growth
Fidelis Capital's October 23 analysis found US consumer spending outpaced lending in the third quarter of 2026. Spending growth of 8%-13%, citing Morningstar data, suggested purchases were income-funded rather than credit-funded.
2. Card loan figures
Average card loans grew 5% at Bank of America versus 7% at JPMorgan. Citi's general-purpose card loan portfolio grew 9%, compared with 5% growth in average card loans at Wells Fargo.
3. Rates and markets
Banks flagged interest-rate uncertainty heading into year-end. Fidelis highlighted relatively unchanged equity markets amid rising rates.
