U.S. Consumer Credit Rises Slightly Less Than Expected In November

(RTTNews) - With a modest drop in revolving credit partly offsetting an increase in non-revolving credit, the Federal Reserve released a report on Thursday showing that U.S. consumer credit rose by slightly less than expected in November.

The report said consumer credit climbed by $14.1 billion in November following a revised $16.0 billion increase in October. Economists had expected credit to increase by about $15.0 billion.

Non-revolving credit such as student loans and car loans rose by $15 billion in November after climbing by $14.5 billion in October.

On the other hand, revolving credit, which largely reflects credit card debt, edged down by $1 billion after inching up by $1.5 billion in the previous month.

The Fed also said consumer credit increased by an annual rate of 5.1 percent in November, as non-revolving credit jumped by 7.5 percent but revolving credit fell by 1.3 percent.