Consumer credit rises $6.44 bln in January

WASHINGTON (Reuters) - U.S. consumer credit rose $6.44 billion in January as growth in closed-end consumer loans for cars, holidays and other big-ticket items outstripped slower growth in credit card usage, a Federal Reserve report showed on Wednesday.

Consumer credit rose at a 3.2 percent annual rate in January to $2.411 trillion, compared to a downwardly revised December increase of 2.5 percent, or $5.01 billion.

The November increase, however, was revised sharply higher, to 10.34 percent rate, or $20.50 billion, marking the biggest monthly gain since November 2001. The previously reported November increase had been at 6.9 percent rate, or $13.66 billion.

January non-revolving credit, made up of closed-end consumer loans, rose at a 4.4 percent rate, or $5.63 billion, to $1.532 trillion. This compared to a revised December increase of 2.86 percent, or $3.63 billion.

Revolving credit, which comprises credit and charge cards, rose 1.1 percent in January, or $815.9 million, to a total of $879.37 billion. This compares to an upwardly revised December increase of 1.9 percent, or $1.38 billion.