Credit/Debit Cards, Economy

Consumer credit rises 4.8 percent in November

credit-card-finance2Data released by the Federal Reserve last week showed consumer credit rose 4.8 percent in November—a $12.3 billion increase—to reach $3.09 trillion, marking the smallest gain since April and falling short of economist expectations.

The slight increase suggests that consumers are more focused on managing existing debt going into 2014. Revolving credit, which includes credit cards, rose by 0.6 percent seasonally adjusted to reach $857 billion, following a 6.1 percent increase in October.

Non-revolving credit, which reflects student and auto loans, rose by 6.4 percent to reach $2.23 trillion. In October, non-revolving credit rose by 7.5 percent.

Fed data from October has been revised to reflect a $17.9 billion increase, compared to the $18.19 billion increase previously reported.

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