WASHINGTON — Consumer credit rose $11.6 billion, or 5.0%, in September to $2.737.2 trillion, the Federal Reserve reported Wednesday.
In August, consumer credit jumped a revised $18.4 billion, or 8.2%, to $2.725.8 trillion. The August report initially showed an 8% or $18.1 billion increase.
Revolving credit fell to $852.0 billion in September from $854.9 billion in August, while non-revolving credit rose to $1.885.2 trillion from $1.870.9 trillion.
The credit increase surpassed the expectations of economists polled by Thomson Reuters, who had projected a $10.1 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
