WASHINGTON — Consumer credit climbed $14.6 billion, or 6.3%, in December to $2.778.2 trillion, the Federal Reserve reported Thursday.
In November consumer credit jumped a revised $15.9 billion, or 6.9%, originally reported as a $16.1 billion increase.
Revolving credit fell 5.1% to $849.8 billion in December, while non-revolving credit rose 11.4% to $1.928.4 trillion.
The credit increase surpassed the expectations of economists polled by Thomson Reuters, who had projected a $12.8 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
