Outstanding consumer credit increased by $16.1 billion in November, the second straight month of significant gains, according to the latest Consumer Credit Report from the Federal Reserve. This also represented the fourth straight month of increases in consumer credit.
Consumer credit increased at an annual rate of 7.0 percent, up from 6.2 percent in October. Much of the increase was from non-revolving debt, such as auto and student loans, that increased $15.2 billion.
Consumers seemed to be cautious with their spending on credit cards during the first month of the holiday season. Credit card debt grew by less than $816.9 million in November, an increase of just 1.1 percent. This was far less than the $3.44 billion increase in October.