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.