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

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

The report said consumer credit rose by $18.2 billion in October following a $16.3 billion increase in September. Economists had expected credit to increase by about $15.0 billion.

Non-revolving credit such as student loans and car loans increased by $13.9 billion in October after climbing by $16.5 billion in September.

Revolving credit, which largely reflects credit card debt, also rose by $4.3 billion in October after edging down by $0.2 billion in the previous month.

The Fed also said consumer credit rose by an annual rate of 6.4 percent in October, as non-revolving credit increased by 7.5 percent and revolving credit advanced by 6.1 percent.