BusinessBusinessreutersDebt

Consumer Borrowing Rises In December: Fed

Positive Sign For The Economy?
Reuters
FILE-In this July 18, 2012 file photo, credit card logos are seen on a downtown storefront as a pedestrian passes in Atlanta. Egan-Jones announced Friday, Sept. 14, 2012, that it is downgrading its rating on U.S. debt to AA- from AA, citing Federal Reserve plans to try to stimulate the economy. The credit rating agency says the Fed's plans to buy mortgage bonds will likely hurt the economy more than help it. Egan-Jones says the plan will reduce the value of the dollar and raise the price of oil and other commodities, hurting businesses and consumers. (AP Photo/David Goldman, File)
FILE-In this July 18, 2012 file photo, credit card logos are seen on a downtown storefront as a pedestrian passes in Atlanta. Egan-Jones announced Friday, Sept. 14, 2012, that it is downgrading its rating on U.S. debt to AA- from AA, citing Federal Reserve plans to try to stimulate the economy. The credit rating agency says the Fed's plans to buy mortgage bonds will likely hurt the economy more than help it. Egan-Jones says the plan will reduce the value of the dollar and raise the price of oil and other commodities, hurting businesses and consumers. (AP Photo/David Goldman, File)

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.

Related

BusinessreutersDebteconomic recoverycredit card debt

Before You Go

10. Word Processors And Typists

10 Careers That Are Dying Out: BLS

|
Submit a tip

Popular in the Community

Close

What's Hot