Consumer credit increased by $6.1 billion, or 3.0%, in December and 2.6% in the fourth quarter as revolving credit, which include credit card debt, increased for the first time in more than two years, the Federal Reserve reported Monday.
November consumer credit was revised higher to a $2.0 billion increase from a $1.4 billion increase reported last month. Revolving credit increased $2.3 billion in December, the first increase in 28 months stretching back to August 2008.
Non-revolving credit — which includes student loans and other long-term consumer borrowing — increased by $3.8 billion.
Economists expected consumer credit would increase by $2.3 billion for the month, according to the median estimate from Thomson Reuters.
Consumer credit grew 2.6% in the fourth quarter. For all of 2010, consumer credit fell 1.6%, following a 4.4% decline in 2009.
