Huffpost Business

Consumer Borrowing Rises In December: Fed

Posted: Updated:
CONSUMER BORROWING DECEMBER 2012
AP


WASHINGTON, Feb 7 (Reuters) - U.S. consumer borrowing rose in December, a hopeful sign for the strength of the economy although debt taken on through revolving facilities like credit cards fell during the month.

The Federal Reserve said on Thursday consumer credit increased by $14.59 billion in December after rising by a slightly revised $15.91 billion in November.

Economists polled by Reuters had forecast consumer credit rising $13.4 billion after advancing by a previously reported $16.05 billion in November.

All of December's increase was in non-revolving credit, which includes auto loans as well as student loans made by the government. Non-revolving credit increased $18.22 billion during the month, the largest expansion since November 2001.

Revolving credit, which includes credit cards, declined by $3.63 billion.

Also on HuffPost:

Close
10 Careers That Are Dying Out: BLS
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

US consumer credit up 6.3 percent in December

US consumer debt up in Dec. on student, auto loans

US consumer borrowing up in December behind auto, student loans; but credit ...

US Stocks Swing Lower in Tumultuous Month

Stocks pull off lows but still close down

US Stocks Pull Back As Growth-Sensitive Sectors Weigh