U.S. Consumer Credit Climbs More Than Expected In December

(RTTNews) - Reflecting increases in both revolving and non-revolving credit, the Federal Reserve released a report on Friday showing that U.S. consumer credit increased more than expected in the month of December.

The report said total consumer credit jumped by $21.3 billion in December after climbing by $14.0 billion in November. Economists had expected credit to increase by $16.5 billion.

Non-revolving credit such as student loans and car loans surged up by $15.4 billion in December following a $7.7 billion increase in November.

The Fed said revolving credit, which largely reflects credit card debt, also rose by $5.8 billion in December after advancing by $6.4 billion in the previous month.

The report also said consumer credit jumped by an annual rate of 7.2 percent in December, as revolving credit soared by 7.5 percent and non-revolving credit surged up by 7.1 percent.