Federal Reserve data released on Friday showed that consumer borrowing surged in December, as consumers used credit cards to make holiday purchases, MarketWatch.com reported. Total consumer credit increased $22.1 billion, according to the Federal Reserve data. That’s an annual growth rate of 6.3 percent, up from a 3.4 percent rate in the prior month. Revolving credit, like credit cards, jumped 14percent in December. This is the fastest pace of growth since April 1998. Nonrevolving credit, typically auto and student loans, rose 3.7 percent. For all of 2019, credit card debt was up at a 4.2 percent pace while nonrevolving credit was up at a 4.8 percent pace. The data doesn't include mortgage loans.
