Consumer Credit Increases for Sixth Straight Month
New data from the Federal Reserve shows that consumer credit rose for the sixth consecutive month in January, fueled almost entirely by auto and student loans.
The $16.2 billion increase, which equates to an annual rate of 7 percent, is the largest increase since August 2012, and follows a revised $15.1 billion increase in December.
Non-revolving credit, comprised mainly of student loans and auto loans–rose $16 billion, an annual rate of 10 percent.
Revolving credit, made up primarily of credit card debt, rose to $850.9 billion. This represented an increase of $106 million, and followed a $3.1 billion decrease in December. This January figure equated to an annual rate of 0.1 percent.