WASHINGTON — Consumer credit climbed $16.1 billion, or 7%, in November to $2.768.5 trillion, the Federal Reserve reported Tuesday.
In October consumer credit jumped a revised $14 billion, or 6.2%, originally reported as a $14.2 billion increase.
Revolving credit rose 1.1% to $858.4 billion in November, while non-revolving credit rose 9.6% to $1.910.1 trillion.
The credit increase surpassed the expectations of economists polled by Thomson Reuters, who had projected a $12.5 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations