WASHINGTON (dpa-AFX) - Reflecting increases in both revolving and non-revolving credit, the Federal Reserve released a report on Tuesday showing U.S. consumer credit jumped by more than expected in the month of September.
The report said consumer credit surged up by $20.8 billion in September after climbing by $13.1 billion in August. Economists had expected consumer credit to rise by $18.0 billion.
Revolving credit, which largely reflects credit card debt, rose by $6.3 billion in September after increasing by $5.6 billion in August.
The Fed said non-revolving credit such as student loans and car loans spiked by $14.4 billion in September after climbing by $7.7 billion in August.
Consumer credit increased by an annual rate of 6.6 percent in September, as revolving credit jumped by 7.7 percent and non-revolving credit surged up by 6.3 percent.
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