Total consumer credit outstanding increased at a seasonally adjusted annual rate of 4.8%, or $12.4 billion, in November, the U.S. Federal Reserve reports. Consumer credit totaled $3,087.3 billion during the month.
Revolving credit, which is generally credit cards, increased at an annual rate of 0.6%, or $0.5 billion, in November. Total revolving credit outstanding was $856.9 billion.
Nonrevolving credit, or installment credit, which is primarily student and auto loans, increased at an annual rate of 6.4%, or $11.9 billion, in November. Total nonrevolving credit outstanding was $2,230.4 billion.
This month is just one more in what has a been a string of many where revolving credit has changed little or decreased and nonrevolving credit has charged upwards.