U.S. consumer credit up 6.3 percent in DecemberSouce:Xinhua Publish By Thomas Whittle Updated 08/02/2013 1:44 pm in World / no comments
WASHINGTON, Feb. 7 — U.S. consumer credit increased at an annual rate of 6.3 percent in December 2012, evidence of the ongoing economic recovery, U.S. Federal Reserve reported on Thursday.
Total consumer borrowing rose from a revised 2.7636 trillion U. S. dollars in November to a record 2.7782 trillion dollars in December, the central bank said in a report.
Revolving debt, the type which includes credit cards, declined to 849.8 billion dollars in December, down 5.1 percent at an annual rate from the revised 853.4 billion dollars in November.
In December, the borrowing in the non-revolving category that includes auto and students loans, surged at an annual rate of 11.4 percent to 1.9284 trillion dollars.
Consumer spending, which accounts for about 70 percent of the overall U.S. economic activity, was the major engine of U.S. economic growth. An increase in consumer credit indicated consumers boosted their spending.