WASHINGTON - Consumer credit increased by $20.4 billion, or 9.9%, in November to $2.477.7 trillion, the Federal Reserve reported Monday.
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In October, consumer credit rose a revised $6.0 billion, or 3.0%, to $2.457 trillion.
Revolving credit rose to $798.3 billion from $792.7 billion.
Non-revolving credit rose to $1.679 trillion from $1.664 trillion.
The increase far exceeded the $7.0 billion rise projected by economists polled by Thomson Reuters.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
