The Federal Reserve reported that outstanding consumer credit rose by $27.95 billion in November from the prior month, the largest increase in 16 years, according to Dow Jones Newswires. This measure of non-real estate debt climbed at a 8.83 percent seasonally adjusted annual rate, the fastest pace in more than two years, the Fed said yesterday. Total outstanding credit had increased a revised $20.53 billion in October. Revolving credit outstanding, mostly credit cards, increased at a 13.3 percent annual pace in November. Nonrevolving credit outstanding, mainly student and auto loans, rose at a 7.2 percent annual pace. Household debt totaled $12.955 trillion in the third quarter, up 0.9 percent from the spring, the Federal Reserve Bank of New York said in November. That was the most on record, though the figure wasn't adjusted for inflation.
