Consumer Debt Rises at 3.9% Rate in December
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Consumers borrowed more freely in December, especially when it came to taking out loans to finance the purchase of cars and other big-ticket items, the Federal Reserve reported.
New debt rung up by consumers increased at a seasonally adjusted annual rate of 3.9% in December -- or by $6.6 billion -- from the previous month. That pushed up total consumer debt to a record $2 trillion.
Demand for nonrevolving credit, which includes loans for new cars, vacations and education, rose at a brisk 4.7% annual rate in December from November, or by nearly $5 billion. Demand for revolving credit, such as credit cards, went up by $1.6 billion, or at a rate of 2.6%.
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