Consumer Credit Dropped $6.6 Billion in December

Consumer borrowing decreased by $6.6 billion in December to $2.562.3 trillion from $2.568.9 trillion in November, the Federal Reserve reported Friday.

The November decrease was revised to a $11.1 billion drop from the $7.9 billion loss previously reported.

Revolving credit fell to $963.6 billion from $969.9 billion in November, while non-revolving credit fell to $1.598.7 trillion from $1.599.0 trillion.

Non revolving debt includes loans for automobiles, mobile homes, education, boats, trailers, or vacations.

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