U.S. Consumer Credit Jumps 7%
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.
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