With non-revolving credit such as car loans showing another substantial increase in the month of December, the Federal Reserve released a report on Tuesday showing a much bigger than expected increase in total consumer credit during the month.
The report showed that consumer credit surged up by $19.3 billion in December after jumping by $20.4 billion in November. Economists had expected credit to increase by about $7.0 billion.
The bigger than expected increase in consumer credit was due in large part to a $16.5 billion increase in non-revolving credit such as student loans and car loans. Non-revolving credit rose by $14.8 billion in the previous month.
Revolving credit, which largely reflects credit card debt, edged up by $2.8 billion in December after rising by $5.5 billion in November.
The Fed said consumer credit increased at an annual rate of 9.3 percent in December, as non-revolving credit increased by 11.8 percent and revolving credit increased by 4.1 percent.
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