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

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

The report said consumer credit increased by $14.8 billion in December after climbing by a downwardly revised $13.5 billion in November.

Economists had expected consumer credit to climb by about $15.2 billion compared to the $14.1 billion increase originally reported for the previous month.

Non-revolving credit such as student loans and car loans rose by $8.9 billion in December after jumping by $14.5 billion in November.

Revolving credit, which largely reflects credit card debt, also increased by $5.8 billion after edging down by $1 billion in the previous month.

The Fed also said consumer credit increased by an annual rate of 5.4 percent in December, as revolving credit jumped by 7.9 percent and non-revolving credit rose by 4.5 percent.