Consumer Credit Rises 4.2% In January, Slowest Pace In 14 Months

Consumer credit grew at a seasonally adjusted annual rate of 4.2%, for a gain of $11.6 billion in January, the Federal Reserve said Friday. This is the slowest pace of growth since November 2013. In the month, nonrevolving debt like car and student loans grew at a 6.3% rate. Revolving debt declined at a 1.6% rate in January after an 8.4% gain in the prior month. This is the biggest decline in credit card loans since November 2013.