U.S. consumers increased their debt in December by a seasonally adjusted 6.3 percent or $14.6 billion, according to the monthly G19 report from the Federal Reserve.
This was the fifth consecutive monthly increase in consumer credit. In November, consumer borrowing rose by a revised figure of $15.9 billion.
The increase was due entirely to a jump in non-revolving debt such as student loans, personal loans and auto loans. Non-revolving credit rose at a seasonally adjusted 11.4 percent or $18.2 billion in December after a $15.3 billion gain in November. This is the largest increase since November 2001.
December is the month of holiday shopping, but credit card debt decreased $3.6 billion in the month, the largest decrease since July. This follows a $573 million increase in revolving credit figures in November.