U.S. Consumer Credit Climbs Less Than Expected In January

(RTTNews) - With a drop in revolving credit partly offsetting an increase in non-revolving credit, the Federal Reserve released a report on Friday showing that U.S. consumer credit rose by less than expected in January.

The report said consumer credit increased by $11.6 billion in January following an upwardly revised $17.9 billion jump in December.

Economists had expected credit to climb by $15.0 billion compared to the $14.8 billion increase originally reported for the previous month.

Non-revolving credit such as student loans and car loans rose by $12.7 billion in January after climbing by $11.7 billion in February.

However, revolving credit, which largely reflects credit card debt, edged down by $1.1 billion in January following a $16.2 billion increase in the previous month.

The Fed also said consumer credit increased by an annual rate of 4.2 percent in January, as non-revolving credit rose by 6.3 percent but revolving credit fell by 1.6 percent.