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U.S. Consumer Credit Climbs Slightly Less Than Expected In December

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

The Fed said consumer credit climbed by $16.6 billion in December after jumping by an upwardly revised $22.4 billion in November. Economists had expected credit to increase by $17.0 billion.

The report said non-revolving credit such as student loans and car loans rose by $14.9 billion in December after surging up by $17.5 billion in November.

Revolving credit, which largely reflects credit card debt, edged up by $1.7 billion in December after rising by $4.9 billion in the previous month.

Compared to the same month a year ago, consumer credit in December was up by 5.0 percent, as revolving and non-revolving credit increased by 2.0 percent and 6.0 percent, respectively.

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