US consumer credit rises $19.5B in January: Fed

By Ovunc Kutlu

ISTANBUL (AA) - US consumer credit surged by around $19.5 billion in January compared to the previous month, reaching over $5.04 trillion, according to the Federal Reserve.

This figure exceeded market expectations of a $10.1 billion increase.

Total consumer credit showed an approximately $920 million increase in December.

"In January, consumer credit increased at a seasonally adjusted annual rate of 4.7 percent," the Fed said Thursday in a statement.

"Revolving credit increased at an annual rate of 7.6 percent, while nonrevolving credit increased at an annual rate of 3.6 percent," it added.