U.S. Consumer Credit Jumps 7%

Before you go, we thought you'd like these...
Before you go close icon

U.S. consumer credit increased in November for the fourth straight month, led by student and automotive borrowing. According to Federal Reserve data released Tuesday, consumer credit rose by an annualized 7% rate, up from 6.2% in October. That totals a $16.1 billion debt increase compared to $14.0 billion in the prior month.

Most of this increase was due to a 9.6% jump in non-revolving credit --which includes student and auto loans -- to $15.2 billion after rising $10.7 billion in October, or 6.8%.

Meanwhile, revolving credit, which includes credit card debt, grew less than $1 billion in the first month of the holiday season. The 1.1% increase was much less than in October, when revolving credit grew 4.8%, or $3.5 billion. 

The article U.S. Consumer Credit Jumps 7% originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading