U.S. consumer credit posts biggest jump in 10 months

WASHINGTON Fri Feb 7, 2014 3:03pm EST

A woman walks through a shopping mall in San Francisco, California January 5, 2012. REUTERS/Robert Galbraith

A woman walks through a shopping mall in San Francisco, California January 5, 2012.

Credit: Reuters/Robert Galbraith

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WASHINGTON (Reuters) - U.S. consumer credit in December grew by the most in nearly a year due to a sharp increase in credit card usage, a potentially positive sign for the economy.

Total consumer credit rose by $18.8 billion to $3.1 trillion, the Federal Reserve said on Friday. That was the biggest gain since February.

Economists polled by Reuters had expected consumer credit to rise by $12 billion in December.

Revolving credit, which mostly measures credit-card use, rose by $5 billion in December after climbing $465 million in November. Revolving credit figures can be volatile.

Non-revolving credit, which includes auto loans as well as student loans made by the government, increased $13.8 billion in December.

(Reporting by Jason Lange; Editing by Paul Simao)

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Comments (23)
AlkalineState wrote:
Credit card use is debt. Never understand how that was good for the economy, especially since 95% of the crap bought with credit cards is from other countries.

These are not home, automobile or investment purchases. Rather, it’s just daily junk that people can’t afford, or they wouldn’t be delaying the cost. How is that a ‘good sign’ for the economy again?

Feb 07, 2014 3:33pm EST  --  Report as abuse
umkomazi wrote:
U.S. consumer credit in December grew by the most in nearly a year due to a sharp increase in credit card usage, a potentially positive sign for the economy.

WHAT???!!! Folk racking up MORE debt is positive??? Obamamamamamamama is well on his way to $18 TRILLION – overall debt is almost $61 TRILLION & you want more???????

Feb 07, 2014 3:47pm EST  --  Report as abuse
PopUp wrote:
Christmas shopping. How soon the markets forget simple answers.

Feb 07, 2014 3:55pm EST  --  Report as abuse
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