WASHINGTON — Consumer credit climbed $14.2 billion, or 6.2%, in October to $2.753.5.2 trillion, the Federal Reserve reported Friday.
In September, consumer credit jumped a revised $12.2 billion, or 5.4%. The September report initially showed a 5% increase.
Revolving credit rose 4% to $857.6 billion in October, while non-revolving credit rose 6% to $1.895.8 trillion.
The credit increase surpassed the expectations of economists polled by Thomson Reuters, who had projected a $10 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
