CONSUMER CREDIT RISES $14.6 BILLION IN DECEMBER

credit card, swipe fees, debit card

Photo: Flickr / MyTudut

December consumer credit data is out.Total consumer credit in the United States expanded 6.3 per cent at an annualized rate – or $14.6 billion – in December, ahead of expectations of a $14 billion expansion.

Revolving credit – credit cards and the like – fell 5.1 per cent at an annualized rate to $849.8 billion in December.

Non-revolving credit – auto loans and the like – increased 11.4 per cent at an annualized rate to $1.93 trillion.

The rate of expansion in total consumer credit moderated slightly from November, when credit expanded $15.9 billion.

November consumer credit growth was revised down from a $16.05 billion initial reading.

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