American consumer credit climbed less than forecast in December, closing out the smallest annual increase in household borrowing since 2013, Bloomberg News reported yesterday. The $14.2 billion advance last month followed a revised $25.2 billion jump in the prior month, Federal Reserve figures showed Tuesday. For all of 2016, borrowing increased 6.4 percent. While consumer debt was restrained in December by a smaller advance in credit-card balances, revolving debt last year increased by the most since 2007. Non-revolving credit, which includes loans for cars and education, continued to climb on a monthly basis although it cooled in 2016. Revolving debt, which includes credit cards, rose by $2.4 billion following an $11.8 billion increase, the Fed’s report showed. Non-revolving debt, such as that for college tuition and the purchase of vehicles and mobile homes, climbed $11.8 billion after a $13.4 billion increase.
