October consumer credit up $3.4 billion
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