Consumer Borrowing Surges in November

Washington, DC, Jan. 11, 2012 -- U.S. consumer borrowing increased by the most in a decade in November, according to the Federal Reserve.

Borrowing rose 10% as Americans used their credit cards during the holiday season.

The level of consumer credit outstanding increased by $20.37 billion to $2.478 trillion, the Federal Reserve said.

In percentage terms, the increase was the biggest since October 2001 and a big driver of the gain was revolving credit, which includes credit-card debt. It increased by $5.60 billion to $798.27 billion.

Nonrevolving credit also rose $14.78 billion to $1.679 trillion.