Consumer Credit Increases 6.2 Percent in October

December 10, 2012, Written By Natalie Rutledge

Consumer added more debt again in October according to the latest monthly report from the Federal Reserve.

Consumer credit rose by a seasonally adjusted $14.2 billion, a larger increase than economists had predicted. This is the third straight monthly increase.

An increase in non-revolving credit, such as auto and student loans, was the main factor in this increase. Non-revolving credit increased 6.9 percent, jumping $10.7 billion in October after a $14.4 billion gain in September.

Revolving credit, the majority of which is credit cards, increased 4.7 percent or $3.4 billion after decreasing nearly $2.2 billion in September. Revolving credit now totals $857.6 billion.

The information contained within this article was accurate as of December 10, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at [email protected]
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