U.S. Consumer Credit Surges Past Forecasts
The data showed total consumer credit hit $5.11 trillion in December, nearly tripling the $9 billion expansion economists had anticipated.
Credit card balances and other revolving credit instruments drove much of the surge, jumping $13.9 billion during the period. Meanwhile, non-revolving credit—including home mortgages, automobile financing, and student loans—added $10.2 billion.
On an annualized basis, December's consumer credit growth reached 5.7%. Revolving credit accelerated at a striking 12.6% annual pace, while non-revolving credit expanded at a more modest 3.2% rate.
The unexpected spike in borrowing signals continued consumer spending appetite despite elevated interest rates and economic uncertainty.
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