US consumer credit rises $27 billion in October: Fed

By Ovunc Kutlu

ISTANBUL (AA) - Consumer credit in the US rose $27.1 billion in October, according to Federal Reserve data.

While the expectation was a $28.3 billion increase, consumer credit rose $25.8 billion in September.

The latest figure is a 6.9% gain at an annual rate in October, up from a revised 6.6% increase during the previous month.

Revolving credit, mostly credit cards, showed a gain of 10.4% in October after it rose 8.2% in September.

Credit card debt in the US is almost $1.2 trillion with more than $7,200 per holder, according to usdebtclock.org.

Nonrevolving credit, mainly auto and student loans, was up 5.8% in October, after posting an annual gain of 6.1% the previous month.

Student loan debt totaled more than $1.7 trillion with more than $40,000 per student, usdebtclock.org figures showed.

Household debt rose by $351 billion, or 2.2%, to $16.51 trillion in the third quarter, according to the New York Fed's latest quarterly report on Household Debt and Credit released.