Consumer Credit in U.S. Rises on Surge in Non-Revolving Debt
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Consumer borrowing in the U.S. rose in December for a fifth straight month as non-revolving credit surged by the most in 11 years.
The $14.6 billion gain followed a revised $15.9 billion advance in November, the Federal Reserve said today in Washington. The median forecast of 30 economists surveyed by Bloomberg called for a $14 billion increase in December. Non-revolving debt, such as financing for college tuition and auto purchases, jumped $18.2 billion in December, while credit-card borrowing fell.