Consumer Credit Increases 6.2 Percent in October

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.

Capital One® Platinum Prestige Credit Card
View Offer

Capital One® Platinum Prestige Credit Card

Top Features: 0% Intro on Purchases and Balance Transfers until February 2016

Editor Rating:

Chase Slate®
View Offer

Chase Slate®

Top Features: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Capital One® Quicksilver® Cash Rewards Credit Card
View Offer

Capital One® Quicksilver® Cash Rewards Credit Card

Top Features: 1.5% cash back on all purchases, 0% intro on purchases and balance transfers until August 2015

Editor Rating:

Barclaycard® Ring MasterCard®
View Offer

Barclaycard® Ring MasterCard®

Top Features: Low 8% (V) APR on purchases and balance transfers

Editor Rating:

Capital One® Venture® Rewards Credit Card
View Offer

Capital One® Venture® Rewards Credit Card

Top Features: Unlimited 2x miles on every purchase, every day

Editor Rating: