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Banking

Consumer Credit Continued Rising in January

college costsU.S. consumer credit grew for the sixth consecutive month in January, to $2.8 trillion, according to Federal Reserve data released March 7. 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 barely grew in January. Revolving credit—mostly credit card debt—increased just $100 million after falling by $3.1 billion in December from the prior month. The growth in consumer credit, or debt on the part of consumers, was virtually all in the form of nonrevolving debt, which grew $16 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.

March 21, 2013

 

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