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

(RTTNews) - Consumer credit in the U.S. increased by much more than anticipated in the month of December, according to a report released by the Federal Reserve on Friday.

The report said consumer credit jumped by $18.8 billion in December following a $12.4 billion increase in November. Economists had expected credit to rise by about $12.0 billion.

Non-revolving credit such as student loans and car loans increased by $13.7 billion in December after rising by $12 billion in the previous month.

Meanwhile, revolving credit, which largely reflects credit card debt, climbed by $5 billion in December after edging up by $0.5 billion in November.

The Fed also said consumer credit rose by an annual rate of 7.3 percent in December, as non-revolving and revolving credit increased by 7.4 percent and 7.0 percent, respectively.