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Post by bot on Dec 6, 2013 15:46:36 GMT -5
Consumer credit accelerates in October WASHINGTON (MarketWatch) - U.S. consumer credit growth accelerated in October, the Federal Reserve reported Friday. U.S. consumers increased their debt in October by a seasonally adjusted $18.2 billion, up from a revised $16.3 billion gain in September and the fastest pace in five months. The debt increase in October is well above Wall Street expectations of a $14.6 billion gain. Monthly debt rose at a 7.1% annual rate in October, compared with a 6.4% rate in the prior month. Consumer debt has risen every month since August 2011. Bucking a recent trend, credit card debt jumped in October, rising $4.3 billion or 6.1%. Non-revolving category of debt, especially federal student loans, stayed strong, rising $13.9 billion or 7.5% in October following a 9.1% gain in September.
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