Consumer Credit Climbs 5.4% In December

Consumer credit grew at a seasonally adjusted annual rate of 5.4%, for a gain of $14.8 billion in December, the Federal Reserve said Friday as credit card loans outpaced nonrevolving debt for the first time since April. Revolving debt like credit cards rose at a 7.9% rate. Nonrevolving debt like car and student loans grew at a 4.5% rate. For the fourth quarter, consumer credit grew 5.4%, the slowest rate since the final three months of 2013.