U.S. Consumer Credit Increased $2.1 Billion In September

Posted By on November 5, 2010

Interestingly…..Credit-card debt declined for the 25th straight month, while non-revolving loans rose by the most since August 2007.

Consumer borrowing in the U.S. unexpectedly increased in September by the most in two years, and saw a surge in non-revolving credit such as college loans and auto financing.

Credit rose $2.1 billion and was more then estimated after a revised $4.9 billion drop in August.  Economists had projected a $3 billion decrease, according to the median estimate in a Bloomberg News survey. Credit-card debt declined for the 25th straight month, while non-revolving loans rose by the most since August 2007.

Earlier today, the Labor Department said the economy added 151,000 jobs in October and the unemployment rate held at 9.6 percent.

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