The Federal Reserve said yesterday that total consumer credit rose $28 billion in November, down only slightly from the $29.1 billion gain in the prior month, MarketWatch.com reported. That translates into a 7.1% annual rate, up/down from a revised 7.4% gain in the prior month. Revolving credit, like credit cards, rose 16.9% in November after a 10.3% gain in the prior month. Nonrevolving credit, typically auto and student loans, rose 3.9% down from a 6.5% growth rate in the prior month. This category of credit is much less volatile. The Fed’s data does not include mortgage loans, which is the largest category of household debt. Consumer credit has been growing consistently between $24 billion and $30 billion per month for the last seven months.
