Washington, DC, March 9--Consumer credit was up by $11.5 billion, or 6.6 percent annual rate, in January to a seasonally adjusted $2.12 trillion, according to Federal Reserve.
The January increase was the fastest in three months.
The jump surprised analysts, who had forecast an increase of $6.5 billion in January.
Revolving credit, such as credit cards, rose by a $5.4 billion, or 8.1 percent.
Nonrevolving credit, such as auto loans, rose by $6.2 billion, or 5.6 percent.
In December consumer credit rose by a revised $8.7 billion. It was initially estimated as increasing by $3.1 billion.
For all of 2004, consumer credit rose at a 4.9 percent pace, compared with a 4.5 percent gain in 2003.
