Consumer Credit Increases 6.2 Percent in October

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.


natalierutledge

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 natalie@lowcards.com
View all posts by Natalie Rutledge
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : 2% cash back on purchases: 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus