Consumer credit grows less than expected in January

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Consumer credit increased by $19.9 billion in January to $3.855 trillion, the Federal Reserve reported Wednesday.

In December, consumer credit rose a revised $19.2 billion to $3.841 trillion.

Economists polled by IFR Markets predicted a $17.75 billion increase in the month.

Revolving credit outstanding in January rose $700 million to $1.030 trillion from $1.029 trillion the previous month.

Non-revolving credit rose $13.2 billion to $2.825 trillion from $2.812 trillion.

Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.

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