Consumer credit in the U.S. increased roughly in line with economist estimates in the month of December, according to a report released by the Federal Reserve on Thursday, with an increase in non-revolving credit more than offsetting a drop in revolving credit.
The report said consumer credit increased by $14.6 billion in December following a revised increase of $15.9 billion in November. Economists had expected credit to increase by about $14.5 billion.
The increase was largely due to another jump in non-revolving credit such as student loans and car loans, which surged up by $18.2 billion in December after rising by $15.4 billion in November.
Meanwhile, revolving credit, which largely reflects credit card debt, fell by $3.6 billion in December after edging up by $0.5 billion in the previous month.
The Fed also said consumer credit rose by an annual rate of 6.3 percent in December, with non-revolving credit jumping by 11.4 percent but revolving credit falling by 5.1 percent.
by RTT Staff Writer
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