U.S. Consumer Credit Rises More Than Expected In September

(RTTNews) - With an increase in non-revolving credit once again offsetting a drop in revolving credit, the Federal Reserve released a report on Thursday showing that U.S. consumer credit rose by more than expected in the month of September.

The report said consumer credit increased by $13.7 billion in September following a revised $14.2 billion increase in August. Economists had expected credit to increase by about $12.0 billion.

Non-revolving credit such as student loans and car loans surged up by $15.8 billion in September after jumping by $15.0 billion in August.

On the other hand, revolving credit, which largely reflects credit card debt, fell by $2.0 billion after edging down by $0.9 billion in the previous month.

The Fed also said consumer credit rose by an annual rate of 5.4 percent in September, as non-revolving credit increased by 8.7 percent and revolving credit fell by 2.9 percent.