Oc­to­ber con­sumer credit up $3.4 bil­lion

The Pak Banker - - International3 -

WASHINGTON: To­tal Ucon­sumer credit rose $3.4 bil­lion in Oc­to­ber on ris­ing stu­dent loans, which off­set a de­cline in re­volv­ing credit, in­clud­ing credit cards, Fed­eral Re­serve data showed on Tues­day.

Oc­to­ber con­sumer credit out­stand­ing rose at a 1.7 per­cent an­nual rate to $2.399 tril­lion from a re­vised $2.395 tril­lion in Septem­ber.

An­a­lysts polled by Reuters had fore­cast con­sumer credit to re­main un­changed in Oc­to­ber, af­ter ris­ing $ 1.2 bil­lion in Septem­ber.

Septem­ber's in­crease was pre­vi­ously re­ported as a $2.2 bil­lion in­crease.

The two straight monthly in­creases fol­low 19 months of de­clin­ing credit as con­sumers wor­ried about the lack­lus­ter econ­omy chose to re­duce credit card debts.

Non-re­volv­ing credit, which in­cludes closed-end loans for big-ticket items like cars, boats, col­lege ed­u­ca­tion and hol­i­days, rose $9 bil­lion, or at a 6.8 per­cent an­nual rate. -Reuters

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