Consumer borrowing in the U.S. rose at a slower pace in January as Americans cut back on their credit-card purchases, Bloomberg News reported on Friday. The $13.7 billion gain followed a revised $15.9 billion advance the previous month that was smaller than initially reported, the Federal Reserve said on Friday. The median forecast of economists called for a $14 billion advance in January. Non-revolving debt, which includes financing for cars and college tuition, rose by the most in four months. The Fed’s figures showed revolving debt, which includes credit card purchases, fell by $225.6 million in January, after a $3.1 billion gain a month earlier. The slowdown corroborates a report last month that showed retail sales declined in January by the most since June 2012. Non-revolving credit, such as that for college loans and the purchase of vehicles and mobile homes, climbed by $13.9 billion, after a $12.8 billion increase the month before. Auto lending increased $8.9 billion in the fourth quarter from the prior three months.
