CONSUMER CREDIT OFFICIALLY TOPS $2 TRILLION
February 9, 2004
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Consumers borrowed at a faster pace in December than they did in November, aided by lower interest rates on automobiles in the month, a report from the Federal Reserve on Friday showed, Reuters reported.
The Fed said the consumer debt grew by $6.6 billion in December to $2.002 trillion, led by a $5.0 billion increase in the non-revolving credit category that includes loans for autos, boats, education expenses and other purposes. In November, debt outstanding grew at a revised $1.8 billion. That was down from an initial estimate of a $4.1 billion gain.
The December figures were slightly below Wall Street expectations. Analysts polled by Reuters on average forecast consumer debt grew $7.5 billion. Revolving credit, which tracks borrowing through charge and credit cards, posted a $1.6 billion increase in December, reported the newswire.
