Consumer Credit Rose in November
U.S. consumer credit grew for the fourth consecutive month in November to top $2.7 trillion, according to Federal Reserve data released January 8. Consumer credit outstanding increased a seasonally adjusted $16.1 billion, fueled by student and automobile loans.
Despite higher borrowing among U.S. consumers, credit card debt grew only modestly in November. Revolving credit—mostly credit card debt—increased $816.9 million after growing $3.4 billion in October. Indeed, much of the expansion in consumer credit was led by nonrevolving debt, which grew $15.2 billion. Nonrevolving debt includes closed-end loans that are repaid on a prearranged schedule, such as car loans.
The Federal Reserve publishes consumer credit data each month in its G.19 statistical report, which covers most short- and intermediate-term loans to households, except for those secured by real estate.
January 30, 2013