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U.S. Consumer Credit Climbs Less Than Expected In January

Consumer credit in the U.S. increased by less than expected in the month of January, according to a report released by the Federal Reserve on Wednesday.

The Fed said consumer credit climbed by $13.9 billion in January after jumping by $19.2 billion in December. Economists had expected consumer credit to increase by $17.9 billion.

The report said non-revolving credit such as student loans and car loans increased by $13.2 billion in January after climbing by $13.1 billion in December.

Revolving credit, which largely reflects credit card debt, edged up by $0.7 billion in January following a $6.1 billion increase in the previous month.

Consumer credit climbed by an annual rate of 4.3 percent in January, as non-revolving credit surged up by 5.6 percent and revolving credit rose by 0.8 percent.

by RTT Staff Writer

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