Consumer Credit Gains $6.1 Billion in December 2010
U.S. consumers took on more debt for the third straight month in December, according to Federal Reserve data released in February. Consumer credit outstanding increased at a 3 percent annual rate and was up $6.1 billion from November 2010, the report said. Consumer credit had been declining for 20 straight months prior to recent gains.
Consumer confidence, spending help boost credit
Total consumer credit outstanding for 2010 topped $2.4 trillion in December, a 1.6 percent annual decline and a significant improvement from 2009, when consumer credit dropped 4.4 percent—the largest decline since records began in 1942.
Spending patterns mirror activity seen elsewhere
February 25, 2011