POST Online Media Lite Edition



 

U.S. consumer credit climbs more than expected in September

Staff Writer |
Consumer credit in the U.S. increased by a little more than expected in the month of September, according to the Federal Reserve.

Article continues below






The Fed said consumer credit climbed by $19.3 billion in September after jumping by an upwardly revised $26.8 billion in August.

Economists had expected credit to rise by $18.7 billion compared to the $25.9 billion increase that had been reported for the previous month.

The Fed said non-revolving credit such as student loans and car loans increased by $15.1 billion in September after surging up by $21.2 billion in August.

Revolving credit, which largely reflects credit card debt, rose by $4.2 billion in September after climbing by $5.6 billion in the previous month.

Additionally, the Fed said consumer credit increased by an annual rate of 6.3 percent in September, as non-revolving credit surged up by 6.7 percent and revolving credit rose by 5.2 percent.


What to read next

U.S. consumer credit climbs more than expected in July
U.S. consumer credit increases more than expected in May
U.S. consumer credit jumps more than expected in July