Consumer credit increased by $20.5 billion in October to $3.802 trillion, the Federal Reserve reported Thursday.

In September, consumer credit rose a revised $19.2 billion to $3.782 trillion, first reported as a $20.8 billion rise to 3.788 trillion.

Economists polled by IFR Markets predicted a $17.6 billion increase in the month.

Revolving credit outstanding in October rose $8.3 billion to $1.012 trillion from $1.003 trillion the previous month.

Non-revolving credit rose $12.2 billion to $2.791 trillion from $2.779 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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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.