Washington, DC, January 8, 2007--Consumer credit rose by a 6.23 percent annual rate, or $12.33 billion in November to $2.390 trillion, according to a Federal Reserve report. The report indicated that Americans loaded up on credit-card debt, while closed-end loans for items such as cars, educations and holidays recovered from an October decline.
The rate in October was revised to a decline of $1.25 billion. October's 0.63 annual percentage rate fall was the biggest since a 0.96 percent drop in October 1992.
Analysts polled had forecast a $5.2 billion increase in November.
Revolving credit, comprising credit and charge cards, rose at a 11.89 percent rate in November. The November gain of $8.559 billion was the biggest since May 2006--to a total of $872.62 billion. These categories grew at an upwardly revised rate of 4.23 percent in October.
Non-revolving, closed-end consumer loans rose $3.77 billion, or a 2.99 percent rate, to $1.517 trillion. In October, these loans fell at a 3.39 percent rate, which was the largest decline since May 1993, according to the Fed.
